
Coffee shops, eateries shrinks in Q1 amid sluggish consumption in S. Korea
Seoul, May 25 (IANS) The number of coffee shops, eateries and convenience stores in South Korea is on the wane amid a prolonged economic slowdown and sluggish domestic demand, data showed on Sunday.According to data compiled by the National Tax Service (NTS), 95,337 cafes were in service in the first quarter, down 743 stores from the same period last year, reports Yonhap news agency.It marks the first time the number of coffee shops has declined since record-keeping began in 2018.That year, there were 45,203 cafes before the figure jumped to 53,102 in 2019, 62,916 in 2020, 72,847 in 2021, 85,609 in 2022 and 93,913 in 2023.The number of coffee shops peaked at 96,080 last year before falling this year.The downward trend also applied to restaurant businesses in general, with the number of fas...