More Food and Beverage Stores Close

  • Arirang News

    March 20, 2017 09:18

    New data suggest that the prolonged economic slowdown has hit the restaurant and fast-food franchise industry hard.

    The Fair Trade Commission said on Sunday that more than 13,000 food and beverage franchise locations closed in 2015, an increase of 18.7 percent from the year before and an average of 36 closures per day.

    The largest number of closures were of Korean restaurants and fried chicken shops, with 2,800 each.

    An official at the FTC attributed this to weak consumer sentiment amid the wider economic slowdown, as well as increased competition due to the perception that franchise businesses are relatively easy to launch.

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