Most S. Korean retailers suffer losses in overseas markets: poll

By Nam Kwang-sik
SEOUL, Sept. 22 (Yonhap) -- A majority of South Korean retailers have been losing
money in foreign markets such as China, the United States and Vietnam, a poll
showed Tuesday.

According to a poll of 50 local retailers by the Korean Chamber of Commerce and
Industry (KCCI) conducted in early September, nearly 80 percent of the
respondents said they remained in the red in their overseas business, while only
20 percent said they were in the black.
Of the surveyed, 44 percent said that it took at least three years for them to
turn around in overseas markets.
China was the biggest overseas market for South Korea retailers, with 40
companies entering the Chinese retail market, the KCCI said. The U.S. was next
with 34 percent, and Vietnam came third with 11 percent.
Of the respondents, 74 percent predicted China will be the most promising
investment destination, trailed by Vietnam, India, Malaysia and Indonesia, the
poll said.
As for their business expansion, 69 percent said that they plan to expand their
overseas market presence, while 31 percent responded that they will maintain the
current level or reduce it, the KCCI said.
ksnam@yna.co.kr
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