Over 10% of Korean Restaurants Closed Last Year; the Worst Down Turn in 19 Years

This is quite a turn over in restaurants when the number of closures is even worse than the COVID years:

South Korea’s restaurant industry is in the midst of its worst downturn in nearly two decades, with over 107,000 eateries shutting down in 2024 — the highest number on record.

For the first time in 16 years, more restaurants closed than opened, signaling a shift in a sector once known for its resilience and fierce competition. A combination of rising ingredient costs, slowing consumer spending, and post-pandemic economic struggles has created a perfect storm in the industry.

According to government data, 10.4 percent of full-service restaurants closed in 2024, the highest closure rate since 2005. In the capital city of Seoul, the rate was even higher at 13 percent, while Sejong City saw a staggering 14.6 percent closure rate. These figures reflect a growing financial strain on restaurant owners, who have faced mounting challenges since the COVID-19 pandemic reshaped the dining industry.

Korea Herald

You can read more at the link.