The numbers of coffee shops, eateries and convenience stores in South Korea are on the wane amid a prolonged economic slowdown and sluggish domestic demand, data shows.

According to data compiled by the National Tax Service, 95,337 coffeehouses were in service in the first quarter, down by 743 from the same period a year prior.

In 2018, there were just 45,203 such 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.

Fast food chains and convenience stores also fell to 47,803 and 53,101 by end-March, down 180 and 455, respectively, from a year earlier.

Industry officials say many retirees who have jumped into various self-employed businesses are closing down due to market saturation and slowing domestic demand. Some also point to large commission fees for delivery platforms as factors burdening business owners. (Yonhap)