The restrictions are proving to be yet another challenge for large retailers. — The Korea Herald
SEOUL: South Korea’s one-time cash grants – part of a 31.8 trillion won supplementary budget that will provide every South Korean citizen with at least 150,000 won starting July 21 – are not as free as they seem.
They come with strings attached, as they are only allowed for use at small businesses, traditional markets and mom-and-pop stores with annual revenue below three billion won.
As the government puts it, these restrictions are meant to prevent “misuse” and are intended to support small business owners, though some argue this only deepens divides in the retail landscape.
The restrictions are proving to be yet another challenge for large retailers, harking back to the nation’s first stimulus rollout in 2020, when department stores and supermarket chains saw monthly sales plunge by 7% to 10% year-on-year.
Their negative growth persisted for months after May 2020, according to the Trade, Industry and Energy Ministry. — The Korea Herald/ANN
