As of Aug. 2023, South Korea is home to more than 55,000 convenience stores, surpassing even the number of restaurants that McDonald’s operates around the world. This extraordinary density of convenience stores leads to significant challenges, notably fierce competition in urban areas due to market saturation. 

Many of these establishments find it difficult to sustain their operations as a result, with a significant number going out of business within their first year. Despite this, the cycle continues unabated, as new franchisees are always ready to step in and replace those that have closed.