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Yaya
Joined: 25 Feb 2003
Location: Seoul
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 Posted: Sun Jun 16, 2013 12:37 am Post subject: If you think convenience store owners make good money... |
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http://www.youtube.com/watch?v=8S0EvNnF5pM
Three convenience store owners have committed suicide this year. |
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cabeza
Joined: 29 Sep 2012
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| Posted: Sun Jun 16, 2013 1:26 am Post subject: |
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To be honest, I don't think anyone would ever assume an owner of a convinience store is raking in the cash.
Especailly with the ridiculous over-saturation of them here. In a 2 minute walk from my apartment there are 4 chain convinience stores and then another 4-5 mom and pop mini marts. How any of them make any kind of decent money I have no idea.
Watching that thing, I feel sorry for them. But anyone with a little common sense could look at the market and guess there is not much money to be made.
I hope the son who bought out his mothers contract has some success. |
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transmogrifier
Joined: 02 Jan 2012
Location: Seoul, South Korea
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| Posted: Sun Jun 16, 2013 1:37 am Post subject: |
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| Yeah, who would assume they make much at all in the first place? Crappy job in the main. |
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optik404
Joined: 24 Jun 2008
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| Posted: Sun Jun 16, 2013 2:50 am Post subject: |
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| It's the same with fast food joints in the US. You don't get rich from one location, you get rich with 10 locations. |
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IamBabo
Joined: 16 Jun 2005
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| Posted: Sun Jun 16, 2013 4:11 am Post subject: Convenient Stores |
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| I was watching a documentary on them with my wife, and she was surprised to learn that they pay 25 million a month to the company as a franchisee. Lotte seemed like the worst one. Seems like a crazy amount of money. Some of them were barely clearing 1 million a month after all bills/salaries paid. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun Jun 16, 2013 5:30 am Post subject: Re: Convenient Stores |
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| IamBabo wrote: |
| I was watching a documentary on them with my wife, and she was surprised to learn that they pay 25 million a month to the company as a franchisee. Lotte seemed like the worst one. Seems like a crazy amount of money. Some of them were barely clearing 1 million a month after all bills/salaries paid. |
Too few large companies have all the power. Too bad someone couldn't just start their own and take the Lotte name off. Problem is supply chains are difficult here outside the chaebols. That type of collusion ought to be illegal. Wholesalers should be mandated to sell to everybody who wants to buy and to sell at a similiar unit price as to their own stores with a small discount for large scale purchasing. This would introduce more competition and better quality. It would be far more effective than trying to regulate everything and telling stores to close on sunday. Remember McDonalds didn't start as a franchise. Just some brothers who wanted to make a buck and do something unique. If there had of been chaebols controlling the supply chain, maybe there wouldn't be a McDonalds today.
I believe strongly in free enterprise, but I also believe in competition and not monopoly. Also, in North American, until recently, there was no shame in making money or getting rich. It was encouraged instead of frowned upon. |
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liveinkorea316
Joined: 20 Aug 2010
Location: South Korea
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| Posted: Sun Jun 16, 2013 7:45 pm Post subject: Re: Convenient Stores |
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| Weigookin74 wrote: |
| IamBabo wrote: |
| I was watching a documentary on them with my wife, and she was surprised to learn that they pay 25 million a month to the company as a franchisee. Lotte seemed like the worst one. Seems like a crazy amount of money. Some of them were barely clearing 1 million a month after all bills/salaries paid. |
Too few large companies have all the power. Too bad someone couldn't just start their own and take the Lotte name off. Problem is supply chains are difficult here outside the chaebols. That type of collusion ought to be illegal. Wholesalers should be mandated to sell to everybody who wants to buy and to sell at a similiar unit price as to their own stores with a small discount for large scale purchasing. This would introduce more competition and better quality. It would be far more effective than trying to regulate everything and telling stores to close on sunday. Remember McDonalds didn't start as a franchise. Just some brothers who wanted to make a buck and do something unique. If there had of been chaebols controlling the supply chain, maybe there wouldn't be a McDonalds today.
I believe strongly in free enterprise, but I also believe in competition and not monopoly. Also, in North American, until recently, there was no shame in making money or getting rich. It was encouraged instead of frowned upon. |
Excuse me but that's a load of crap. Small shops themselves shop at Emart and Costco and Wal-Mart back home. It is uneconomical on their own part to get goods delivered to their small stores infrequently so that's who Costco was originally set up to serve - the small one man store. My Father owned a small store back home and apart from a contract with coca cola we did weekly trips to the wholesale store because they had every brand in bulk quantities but delivery cost more.
Small shops are not treated any differently in a legal sense here than in Western countries as far as I can see except the market is fiercely dominated by chains. That is called the Free market. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sun Jun 16, 2013 10:39 pm Post subject: |
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To me those little stores are for convenience. I'm more than willing to pay extra for that one bottle of beer as long as I don't have to trek it 2 miles down to e-mart for it.
They will never compete against the brand name convenience stores or the super stores, but are good for little things like that bottle of beer when you crave it. |
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sligo
Joined: 15 Oct 2008
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| Posted: Sun Jun 16, 2013 10:49 pm Post subject: |
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| optik404 wrote: |
| It's the same with fast food joints in the US. You don't get rich from one location, you get rich with 10 locations. |
No you get rich with 10 locations and selling meth on the side! |
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le-paul
Joined: 07 Apr 2009
Location: dans la chambre
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| Posted: Sun Jun 16, 2013 11:17 pm Post subject: |
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| i did the maths a while back and figured that they couldnt be earning much. Since then, i always made the effort to go to old people who have crappy little places and buy canned coffee, snacks or whatever from them whenever i could. |
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cabeza
Joined: 29 Sep 2012
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| Posted: Sun Jun 16, 2013 11:28 pm Post subject: |
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In the words of Homer Simpson:
"What about the victims? Those who looked at an overcrowded market and said 'Me too!'"
Next will be a wave of suicides with the owners of those cell phone shops, of which i can look at my window and see, I s**t you not, seven of them. |
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Lucas
Joined: 11 Sep 2012
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| Posted: Sun Jun 16, 2013 11:59 pm Post subject: |
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| Quote: |
"What about the victims? Those who looked at an overcrowded market and said 'Me too!'"
Next will be a wave of suicides with the owners of those cell phone shops, of which i can look at my window and see, I s**t you not, seven of them. |
But everyone has a phone!
Why wouldn't they come and use my shop?
I too can put blaring music outside + have an inflatable dancing bear!
I saw one shop last week who had a four year old boy (korean age) jumping through a flaming hoop, just to try and entice customers inside! |
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Nolos
Joined: 23 Oct 2011
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| Posted: Mon Jun 17, 2013 4:33 am Post subject: |
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| Lucas wrote: |
| Quote: |
"What about the victims? Those who looked at an overcrowded market and said 'Me too!'"
Next will be a wave of suicides with the owners of those cell phone shops, of which i can look at my window and see, I s**t you not, seven of them. |
But everyone has a phone!
Why wouldn't they come and use my shop?
I too can put blaring music outside + have an inflatable dancing bear!
I saw one shop last week who had a four year old boy (korean age) jumping through a flaming hoop, just to try and entice customers inside! |
lol no way. |
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sirius black
Joined: 04 Jun 2010
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| Posted: Mon Jun 17, 2013 6:43 am Post subject: Re: If you think convenience store owners make good money... |
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| Yaya wrote: |
http://www.youtube.com/watch?v=8S0EvNnF5pM
Three convenience store owners have committed suicide this year. |
I don't know for certain but I was under the impression their Korean counterpart in America make very good money with convenience stores, especially in the inner city high crime area where they are the monopoly often times.
Not blaming the victim, but just like how you research a school before going there, I would assume if a prospective owner asked a few people about the pros and cons of having such a store they'd advise them otherwise. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Mon Jun 17, 2013 8:07 am Post subject: Re: If you think convenience store owners make good money... |
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| sirius black wrote: |
| I don't know for certain but I was under the impression their Korean counterpart in America make very good money with convenience stores, especially in the inner city high crime area where they are the monopoly often times. |
Some do make good money, but most don't. They barely survive (sometimes literally for the ones with store in the ghetto) making ends meet. Convenient stores are tough businesses to make money with.
However, liquor stores are heavily restricted and often do have a kind of monopoly over certain areas. And people are more than willing to pay a few bucks more on the corner on a weekend than hike it over to the big mart for their liquor. However, liquor stores do have high rates of robberies, it's pretty dangerous, in the US/Canada. |
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