{"id":11690,"date":"2021-03-22T09:16:07","date_gmt":"2021-03-22T02:16:07","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=11690"},"modified":"2021-06-04T16:10:17","modified_gmt":"2021-06-04T09:10:17","slug":"korean-health-and-beauty-retail-plunge-for-first-time-in-2020","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/korean-health-and-beauty-retail-plunge-for-first-time-in-2020\/","title":{"rendered":"Korean health and beauty retail plunge for first time in 2020"},"content":{"rendered":"<p><span data-contrast=\"auto\">The pandemic caused 31\u00a0health and beauty stores to\u00a0<\/span><span data-contrast=\"auto\">close<\/span><span data-contrast=\"auto\">, as\u00a0<\/span><span data-contrast=\"auto\">consumers<\/span><span data-contrast=\"auto\">\u00a0switch to online\u00a0<\/span><span data-contrast=\"auto\">shopping<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<figure id=\"attachment_11692\" aria-describedby=\"caption-attachment-11692\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-11692\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/03\/shutterstock_574774783.jpg\" alt=\"\" width=\"1000\" height=\"668\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/03\/shutterstock_574774783.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/03\/shutterstock_574774783.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/03\/shutterstock_574774783.jpg 620w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/03\/shutterstock_574774783.jpg 190w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/03\/shutterstock_574774783.jpg 1000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-11692\" class=\"wp-caption-text\">DiegoMariottini\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"auto\">The number of<\/span><span data-contrast=\"auto\">\u00a0prominent<\/span><span data-contrast=\"auto\">\u00a0retailers\u2019 beauty stores in South Korea<\/span><span data-contrast=\"auto\">\u00a0plunged for the first time in 2020, as c<\/span><span data-contrast=\"auto\">onsumers shifted towards e-commerce during the pandemic, reported <a href=\"http:\/\/www.koreaherald.com\/view.php?ud=20210319000122&amp;np=2&amp;mp=1\" target=\"_blank\" rel=\"noopener\">The Korea Herald<\/a>.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As of\u00a0<\/span><span data-contrast=\"auto\">December<\/span><span data-contrast=\"auto\">\u00a0last year, South Korea\u2019s three biggest health and beauty chains, Olive Young,\u00a0<\/span><span data-contrast=\"auto\">lalavla<\/span><span data-contrast=\"auto\">, and LOHB\u2019s, had a total of 1,484 outlets across the\u00a0<\/span><span data-contrast=\"auto\">country,\u00a0<\/span><span data-contrast=\"auto\">31 stores down from a year earlier, based on data released <\/span><span data-contrast=\"auto\">on<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">the<\/span><span data-contrast=\"auto\">\u00a0electronic disclosure system of the Financial Supervisory Service.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Retail conglomerate CJ Group manages industry leader Olive Young, with Lotte Shopping Co. and GS Retail Co. running LOHB\u2019s and <\/span><span data-contrast=\"auto\">lalavla<\/span><span data-contrast=\"auto\">, respectively.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Lotte Shopping said that the data published on their websites and business reports enabled them to calculate the number of health and beauty shops in Asia\u2019s fourth-largest economy<\/span><span data-contrast=\"auto\">.<\/span><\/p>\n<p><span data-contrast=\"auto\">In their estimation, LOHB\u2019s outlets dropped to 101 in 2020 from 129 in 2019<\/span><span data-contrast=\"auto\">\u00a0at a recent regulatory filing.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">GS Retail also disclosed that the\u00a0<\/span><span data-contrast=\"auto\">number of\u00a0<\/span><span data-contrast=\"auto\">lalavla<\/span><span data-contrast=\"auto\">\u00a0stores shrank to 124 from 140 during the same period.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Last year\u2019s plunge was a contrast from the steady increase in the past few years. In 2019, the number of such local shops increased to 1,515 from 1,488 in 2018,<\/span><span data-contrast=\"auto\">\u00a01,358 in 2017, and 1,014 in 2016.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/vacancy-rates-of-street-shops-in-hong-kong-likely-to-stabilise\/\" target=\"_blank\" rel=\"noopener\"><strong>More: Vacancy rates of street shops in Hong Kong likely to stabilise<\/strong><\/a><\/p>\n<p><span data-contrast=\"auto\">However, the pandemic has heavily affe<\/span><span data-contrast=\"auto\">cted these health and beauty chains, inducing consumers to switch to online platforms, leading brands to downsize in a turnaround from their <\/span><span data-contrast=\"auto\">intense competition to launch more outlets.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For instance, Olive Young\u2019s online sales rose by 62 percent in 2020 from a year earlier.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Moreover, the drop in physical stores is also a result of domestic and foreign cosmetics makers in<\/span><span data-contrast=\"auto\">creasingly collaborating with local portals to directly sell their products online.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pandemic caused 31\u00a0health and beauty stores to\u00a0close, as\u00a0consumers\u00a0switch to online\u00a0shopping\u00a0<\/p>\n","protected":false},"author":12,"featured_media":21089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[1166,248,1167,198],"class_list":["post-11690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-health-and-beauty","tag-retail","tag-slowdown","tag-south-korea","news_country-south-korea","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Korean health and beauty retail plunge for first time in 2020 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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