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Published on : Monday, July 10, 2017
The South Korea Tourism Organization had declared on 9th July that as much as 841,952 Chinese tourists had visited South Korea between March and May this year, when the Chinese government had banned all travel to South Korea.
Last year, the number of Chinese visitors arriving in South Korea was around 1,989,833 from March to May.
The duty free shops in South Korea had taken a direct hit during this point of time.
For instance, the sales of Lotte Duty Free witnessed a 35% slump in Chinese customers or 350 billion between mid-March and the last part of last month. The industry sources claim that the economic retaliation from China that followed the deployment of THAAD in South Korea had resulted in a loss of an overwhelming 600 billion that won a significant portion of local duty free shops.
Lotte Mart’s business in China is currently in the face of a perilous challenge too.
It boasted of 112 stores in China. But, right now, about 87 have been shut down, leading to a loss of approximately 400 billion won.
In the hotel sector, the bookings dropped by 30% year-on-year in Lotte Hotel alone in the period between March and May. Things are murky even for the small hotels. A lot of them are presently close to closure and their vacancy exceeds 90%.