{"id":2203974,"date":"2024-02-27T19:12:11","date_gmt":"2024-02-27T10:12:11","guid":{"rendered":"https:\/\/koreapro.org\/?p=2203974"},"modified":"2024-02-28T17:04:57","modified_gmt":"2024-02-28T08:04:57","slug":"why-south-koreans-pursue-convenience-store-dreams-in-an-oversaturated-market","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/02\/why-south-koreans-pursue-convenience-store-dreams-in-an-oversaturated-market\/","title":{"rendered":"Why South Koreans pursue convenience store dreams in an oversaturated market"},"content":{"rendered":"

As of Aug. 2023, South Korea is home to <\/span>more than 55,000 convenience stores<\/span><\/a>, surpassing even the number of restaurants that <\/span>McDonald\u2019s operates<\/span><\/a> around the world. This extraordinary density of convenience stores leads to significant challenges, notably fierce competition in urban areas due to market saturation.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

This perverse dynamic points to deeper problems in the South Korean economy that drive people to seek out opportunities in an already crowded sector, one in which small-business owners inevitably find that the odds are stacked against them.<\/span><\/p>\n

SELF-EMPLOYMENT<\/b><\/p>\n

Part of the reason that the convenience store sector in South Korea continues to grow is the challenging job market.<\/span><\/p>\n

In South Korea, about <\/span>20%<\/span><\/a> of the workforce is self-employed, and many of them opt to start their own businesses. Of those, the number of self-employed South Koreans over the age of 60 <\/span>surpassed 2 million<\/span><\/a> for the first time last year.<\/span><\/p>\n

The journey toward self-employment for many South Koreans begins with the harsh realities of the job market. According to a <\/span>May 2023 survey<\/span><\/a> conducted by Statistics Korea, the average retirement age is 49 years old, with many leaving the workforce for various reasons such as business downturns, deteriorating health and family obligations.<\/span><\/p>\n

When individuals leave the workforce, they often face limited opportunities for re-employment that match their previous salary or status, which compels them to seek alternative avenues for income.<\/span><\/p>\n

This shift toward self-employment is particularly visible in sectors such as convenience stores, coffee shops and fried chicken restaurants. These businesses offer a path for those looking to reinvent their professional lives, primarily due to their lower barriers to entry.<\/span><\/p>\n

For instance, starting a convenience store does not require specialized knowledge or skills, making it an attractive option for individuals seeking to leverage their general business acumen and customer service experience.<\/span><\/p>\n

Moreover, the initial financial investment required to open such establishments is relatively modest, with franchise contracts for popular brands available for as little as $15,000 (<\/span>20 million won<\/span><\/a>), with the remaining initial costs borne by the franchisor.<\/span><\/p>\n

The choice of franchising, especially with well-known convenience store chains, offers additional advantages, including brand recognition and an established customer base. This brand appeal is crucial in a market where independent, unbranded stores struggle to compete against the pervasive influence of larger businesses.<\/span><\/p>\n

By aligning with a recognized franchise, new entrepreneurs can mitigate some of the risks associated with starting a new business from scratch.<\/span><\/p>\n

\"\"

An illustration of an elderly South Korean convenience store owner with a customer | Image: Korea Pro<\/em><\/p><\/div>\n

SLIM MARGINS<\/b><\/p>\n

Once these people start their journey of self-employment, however, they quickly encounter a business environment that is far from conducive to their success.<\/span><\/p>\n

South Korea\u2019s economic landscape is significantly shaped by the presence of <\/span>chaebol<\/span><\/a>, large family-owned conglomerates that dominate various sectors. This dominance forces many self-employed individuals into oversaturated markets, such as convenience stores, where the barriers to entry are lower compared to industries controlled by these conglomerates.<\/span><\/p>\n

The chaebol\u2019s extensive reach and resources make competing against them nearly impossible for individual entrepreneurs and small business owners. Consequently, many opt for sectors that either supply to the conglomerates or convenience stores. These ventures offer a way to work outside the shadow of chaebol dominance, although they come with intense competition and <\/span>slim profit margins<\/span><\/a>.<\/span><\/p>\n

The slim profit margins stem from several factors, chief among them being the high level of market saturation and the stringent control franchisors exert over pricing, promotion and inventory. With thousands of convenience stores vying for customers in close proximity, individual stores struggle to differentiate themselves and attract a larger share of the market.<\/span><\/p>\n

Beyond pricing and inventory, franchisors also dictate strict profit-sharing guidelines.\u00a0<\/span><\/p>\n

\u201cAt the end of every month, I have to share half of my profits with the head office. If I\u2019m delinquent, I will face financial penalties and could even lose the right to use the store\u2019s name,\u201d Park Jong-min, a 62-year-old convenience store owner in Ilsan, told <\/span>Korea Pro<\/span><\/i>.<\/span><\/p>\n

This dynamic creates a challenging environment for convenience store owners, who must navigate the delicate balance between adhering to franchisor policies and finding innovative ways to attract and retain customers in a highly competitive market. The result is an often precarious situation where even small fluctuations in sales or operating costs can significantly impact profitability.<\/span><\/p>\n

\u201cBusiness has picked up in the past year, but I lost a lot of money during the pandemic,\u201d Park said. \u201cThere were months when I faced back-to-back losses. I\u2019m still repaying debts that I owe the bank.\u201d<\/span><\/p>\n

DUELING STRATEGIES<\/b><\/p>\n

The relationship between franchisees and franchisors in South Korea\u2019s convenience store sector highlights a clear conflict between individual success and corporate expansion strategies. Whereas franchisees seek to maximize their profits through market exclusivity, franchisors aim to increase their revenues by opening numerous outlets, often leading to market saturation.<\/span><\/p>\n

\u201cSeven years ago, this neighborhood had only two convenience stores. Since then, the number of stores has quadrupled to eight within walking distance,\u201d Park said.<\/span><\/p>\n

This rapid expansion, encouraged by franchisors, dilutes the potential customer base for individual stores, increasing competition and making it harder for franchisees to remain profitable.<\/span><\/p>\n

Franchisors benefit from this expansion through franchise fees, product sales and profit sharing. However, this growth model can harm franchisees, who see diminishing returns as new outlets split the customer base.<\/span><\/p>\n

This scenario places franchisees in a difficult position, as they must compete with both other brands and outlets within their own brand network.<\/span><\/p>\n

\"\"

South Korean senior citizens playing chess in a park, March 16, 2013 | Image: Terence Lim via Flickr<\/a> (CC BY-ND 2.0)<\/a><\/em><\/p><\/div>\n

ENTREPRENEURIAL SPIRIT<\/b><\/p>\n

Despite the well-known challenges and intense competition within the convenience store sector, it continues to attract new entrants, drawn by the allure of business ownership and the potential for financial independence. Among these hopeful entrepreneurs is Choi Yong-il, 47, who ventured into the convenience store industry after leaving a stressful job at a mid-sized company.<\/span><\/p>\n

\u201cI started this business because I didn\u2019t want to work for someone else anymore,” Choi told <\/span>Korea Pro<\/span><\/i>. \u201cSure, the work is demanding, the hours are long and dealing with drunk customers is never pleasant, but at least I am my own boss.\u201d<\/span><\/p>\n

\u201cMy goal is to eventually own at least five convenience stores. It will be difficult because this business is all about picking the right spot, and all the good ones \u2014 like the ones near busy subway stations and private academies where there are thousands of students \u2014 are already taken. But I am determined to succeed.\u201d<\/span><\/p>\n

For many, however, they continue to run their convenience stores out of necessity.<\/span><\/p>\n

\u201cI can\u2019t retire yet. I still have a long time to live,\u201d Park said. \u201cWhat would I do for money if I didn\u2019t run this shop?\u201d<\/span><\/p>\n

Edited by Bryan Betts<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Culture & Society<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

As of Aug. 2023, South Korea is home to more than 55,000 convenience stores, surpassing even the number of restaurants that McDonald\u2019s operates around the world. This extraordinary density of convenience stores leads to significant challenges, notably fierce competition in urban areas due to market saturation.\u00a0 Many of these establishments find it difficult to sustain […]<\/p>\n","protected":false},"author":10909,"featured_media":2203991,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,25],"class_list":["post-2203974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy","tag-culture-society"],"yoast_head":"\nWhy South Koreans pursue convenience store dreams in an oversaturated market - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/02\/why-south-koreans-pursue-convenience-store-dreams-in-an-oversaturated-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why South Koreans pursue convenience store dreams in an oversaturated market - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"As of Aug. 2023, South Korea is home to more than 55,000 convenience stores, surpassing even the number of restaurants that McDonald\u2019s operates around the world. 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