Shuttering Department Stores Take Nearby Retailers Down with Them

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Shuttering Department Stores Take Nearby Retailers Down with Them

Photo: Lotte Department Store at Masan, Gyeongsangnam-do Province. Credit: Lotte Department Store.As the Seoul 서울 metropolitan area vacuums up people and capital, cities outside the capital region are slowly bleeding away resources. Large department stores are a case in point: In the five years between 2019 and 2024, 83.6% of all closures of department stores and big box retail markets took place outside of Seoul.In June 2024, the Lotte Departme…