Coronavirus Restrictions Forces Over 21,000 Small Businesses in Seoul to Vanish

Ultimately the coronavirus is going to be a good thing for big business that can survive the restrictions because many of their small business competitors are going under:

Small businesses are being devastated by the pandemic, with the mom-and-pops, restaurants, travel agencies and similar establishments going out of business at a rapid rate, according to recent statistics.    
   
The situation is set to worsen as the government over the weekend has extended the social distancing orders that have hit food-and-beverage outlets especially hard.      
   
Many small businesses were already on the ropes before the pandemic, and the crisis has made an already bad situation worse. Owners are becoming desperate, with at least one suicide being reported related to the financial stress faced by a small business operator.      
   
The number of small shops in Seoul dropped 5.4 percent in the second quarter when compared to the first quarter, according to a report by Budongsan 114 based on a study by the Small Enterprise and Market Service (Semas). The total reported was 370,321, meaning 21,178 small stores that existed at the beginning of the year are now gone.  
   
Over the same period, 10,040 restaurants went out of businesses, a 7.5 percent decline on quarter. The number of hair salons dropped by 3,473 stores, a 5.1 percent decline. In the travel agency, leisure and entertainment — which includes noraebang, or singing rooms — and computer cafe category, 1,260 businesses shut for good, a 10.8 percent decline. 

Joong Ang Ilbo

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