The slow return of Chinese tourists keeps full recovery at bay. Read more at straitstimes.com.
SEOUL Foreign travellers are returning to South Korea’s Myeong-dong after over three years of economic decline due to the Covid-19 pandemic, with the central Seoul shopping district seeing signs of recovery.
“It feels like the number of Japanese travellers coming to this information center almost doubled since last year,” said Mr Lee Ji-young, the head manager of the Myeong-dong Tourist Information Centre. But in the following month, after travel restrictions are lifted, the number of Japanese travelers jumped to 67,159, or 14.1 per cent of the 476,097 tourists who visited the country in October.
The real estate board said rental prices for mid- and large-sized properties only went down by 4 per cent on-year in the fourth quarter of 2022, whereas they fell 30 per cent on-year in the same quarter in 2021. Japanese footwear company ABC-Mart, in particular, also opened its fourth Myeong-dong store last December, by combining a few properties into a bigger one.
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