Posted : 2021-04-10 09:37
Updated : 2021-04-10 09:37
By Kim Jae-heun
Stand-alone cosmetics shops near universities in the capital area or on main streets in downtown once thrived, with the market growing to be worth 2.81 trillion won ($2.58 billion) in 2016. However, the figure has fallen since then, plummeting to 1.7 trillion in 2018.
One of the most popular skincare franchises, Missha, now has only 400 stores nationwide, closing down 164 last year alone and 30 more this year as of last month. At its peak, Missha operated 800 stores.
Sluggish consumption and intensifying competition have been behind the dramatic decline, alongside the rise of online malls and flourishing Health & Beauty stores such as Olive Young.