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Retail MarketBeat Report

Suki Kim • 17/02/2025

Seoul's high street vacancy rate stood at 16.6% in Q4 2024, a 2.1 pp decline compared to the same period last year. The tourism sector showed a strong recovery, with inbound visitor numbers increasing by 48% y-o-y, nearing pre-pandemic levels. However, the Korean retail market is expected to face several challenges in 2025 due to the anticipated economic downturn. As domestic demand weakens, many brands struggling in the domestic market are likely to seek global expansion as a strategic solution.

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