Summer slowdown burns out small businesses

2024. 11. 5. 18:16
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A restaurant sits shuttered in a traditional market in Seoul on Tuesday.

A restaurant sits shuttered in a traditional market in Seoul on Tuesday. [YONHAP]

A restaurant sits shuttered in a traditional market in Seoul on Tuesday. [YONHAP]

A restaurant sits shuttered in a traditional market in Seoul on Tuesday.

According to business analytics and consulting firm Korea Credit Data on Monday, operating profit for small businesses in the country from the July-September period averaged 10.2 million won ($7,400), down 13.7 percent from the previous quarter, while average sales decreased 4.2 percent to 43.31 million won for the same period.

The firm attributed the figures to the effects of the summer and Chuseok harvest festival, noting that while data showed that small business owners did cut back on expenses, that could not outpace the decrease in sales.

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