Local Businesses Suffer
김동국 PD  |  ttiger8@kctvjeju.com
|  2020.01.16 11:07
Local business owners are suffering from a recession that has been ongoing for years.
With new competition consistently on the rise, business owners face fierce competition and severe financial difficulties.
Joseph Kim reports.

This is a second-hand shop in Jeju City.

[slug] Second-hand stores thrive

Appliances such as refrigerators, washing machines and furniture bought or collected from closed businesses pack this storehouse.
It is now running out of storage space. Machines are piled up outdoors.
This shows the sad reality of local businesses.

INTERVIEW
Second-hand shop owner
My calendar is full of appointments for visiting closed businesses. Even the dog came from a closed shop which faced severe financial difficulties. It's sad to see them close their own businesses.
<인터뷰 : 폐업 정리업체 관계자>
"예약이 밀렸습니다. 다 죽어 나가니까. 개도 가져온 겁니다. 폐업한 집에서. 그만큼 어려운 거죠. 물건 가져올 때도 씁쓸하게 가져오죠."

[slug] More start their own business, Competition intensifies

Not only retired people, but also younger generations are starting their own businesses, which intensifies competition between local businesses.

[slug] Jeju has the most fried chicken restaurants, coffee shops per capita

Notably, Jeju has the highest density of fried chicken restaurants and coffee shops in the nation.

INTERVIEW
Heo Hong-ryeol / Fried chicken restaurant owner
Sales have been down from last year. Fried chicken restaurants are mushrooming. As the entry barrier for this kind of restaurant is low, people can easily start a business. But in one or two years, many of them shut down.
<인터뷰 : 허홍렬 / 치킨집 운영>
"우리도 작년보다 매출이 줄었어요. 자꾸 생기니까. 해먹을 게 없으니까, 이게 잠깐 배우고 하기가 쉬우니까 치킨집을 많이들 하는 거예요. 처음에는 남 말만 듣고 했다가 잘 안되면 1~2년에 없어지는 집들이 많아요."

[slug] Cutthroat competition → Low profit → Closedown

Businesses fiercely compete to survive. This leads to lower profits. Some fail to make ends meet and shut down their businesses.
If loans were taken out, the shutdown aggravates personal financial conditions.

INTERVIEW
Jo Jang-hui / Professor, Jeju National University
People have no choice but to take out loans when starting their business. To reasonably raise the entry barrier, education is needed. People need time to think and review their business plan.
<인터뷰 : 조장희 / 제주대학교 경제학과 교수>
"어쩔 수 없이 많은 빚을 가지고 들어오는 게 사실일 수밖에 없는데요. 무분별하게 들어오는 것들에 대해서 조금 더 교육을 실시한다든지, 이런 것들을 통해서 진입에 충분한 시간을 가지고 들어올 수 있게 하는 게 (이상적입니다)."

Facing fierce competition and financial difficulties, many business owners stand at the edge of a precipice today.

[Reporter] Joseph Kim
[Camera] Jwa Sang-eun

Economists warn that the local economy could collapse if the recession continues for a long time.

Joseph Kim, KCTV

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