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[THE INVESTOR] Many gas stations are shutting down in greater numbers in South Korea due to cutthroat competition, industry officials said on Sept. 22.
People had jumped into the filler station business that until a few years ago was highly lucrative. The market entry was made easier in 1995, when the government removed restrictions on the required distance between them, and the number of stations increased yearly until 2010.
South Korea had 13,349 gas stations nationwide in 2010, which shrank to 12,717 as of the end of 2015. The count in July this year was 12,633. The shutdowns had also been gaining speed -- 67 in 2011, 84 in 2012, 102 in 2013, 160 in 2014 and 210 in 2015. The closure up to July this year was 84, according to the tallies provided by the Korea Oil Stations Association and the trade ministry.
Another 1,000 or so are in virtual closure, not doing business or operating only periodically, tallies showed.
Market analysts estimate that 8,000 gas stations would suffice, meaning even after the increasing shutdowns, the country still has over 4,000 in excess.
(theinvestor@heraldcorp.com)
People had jumped into the filler station business that until a few years ago was highly lucrative. The market entry was made easier in 1995, when the government removed restrictions on the required distance between them, and the number of stations increased yearly until 2010.
South Korea had 13,349 gas stations nationwide in 2010, which shrank to 12,717 as of the end of 2015. The count in July this year was 12,633. The shutdowns had also been gaining speed -- 67 in 2011, 84 in 2012, 102 in 2013, 160 in 2014 and 210 in 2015. The closure up to July this year was 84, according to the tallies provided by the Korea Oil Stations Association and the trade ministry.
Another 1,000 or so are in virtual closure, not doing business or operating only periodically, tallies showed.
Market analysts estimate that 8,000 gas stations would suffice, meaning even after the increasing shutdowns, the country still has over 4,000 in excess.
(theinvestor@heraldcorp.com)
