6,000 Korean restaurant closures signal significant sector contraction.
Context
What happened: The number of Korean restaurant businesses nationwide fell by more than 6,000 over the past year, ending years of growth that continued through the COVID-19 pandemic.
Key numbers: Korean restaurant operators totaled 403,299 as of July, down 6,001 or 1.46 percent from 409,300 a year earlier. Japanese restaurant businesses rose 1.07 percent, from 23,201 to 23,451.
Why it matters: The industry attributed the decline to aging business owners, relatively low use of delivery services, and rising ingredient and labor costs.
What changed
The number of Korean restaurant businesses nationwide fell by more than 6,000 over the past year, ending years of growth that continued through the COVID-19 pandemic.
Why it matters
The industry attributed the decline to aging business owners, relatively low use of delivery services, and rising ingredient and labor costs.