goldenequity
09-12-2017, 06:53 PM
The story belongs right here in US politics cuz it's wat we do... usually 97-3. :D
Ghost stores, lost billions as Korea Inc's China woes grow
http://www.reuters.com/article/us-northkorea-missiles-southkorea-china/ghost-stores-lost-billions-as-korea-incs-china-woes-grow-idUSKCN1BN33V?il=0
Last September, Chinese President Xi Jinping warned his South Korean counterpart
that bilateral ties would suffer if Seoul did not properly handle China’s opposition
to the planned deployment of a U.S. anti-missile defense system in South Korea.
Now - with the system’s installation mostly complete amid growing threats from North Korea -
the fallout is evident in both the shuttered Chinese stores of Lotte
and the empty Seoul shopping districts once jammed with Chinese tourists.
Upset over Seoul’s decision to deploy the Terminal High Altitude Area Defense (THAAD) system,
tour operators say China has quietly banned groups traveling to South Korea,
once one of the most popular destinations for Chinese tourists.
Cruises have erased Korean ports from their trips and some flights have been cut.
Seoul and Washington say THAAD is purely a deterrent to nuclear-armed North Korea,
but Beijing worries the system’s radar can penetrate its territory and will upset the regional security balance.
Near Dongdaemun in Seoul, a major shopping district, an outdoor wear popup store had signs reading
“Thaad retaliation shock! Going out of business sale!”.
Dozens of similar signs were seen across the 24-hour shopping precinct.
Cho Kyung-suk, who has been selling women’s bags for 15 years in Dongdaemun,
closed one of his three stores in February.
”Without the Chinese tour groups and buyers, I was making only about one fifth of what I used to,“ Cho said.
If big companies are doing badly, imagine us.”
VANISHING SHOPPERS
The number of Chinese tourists, which used to account for about half of all visitors to South Korea,
halved in the first seven months of 2017 compared to a year ago.
That meant $5.1 billion in lost business for South Korea, based on the average spending of Chinese visitors in 2015,
data from the Korea Tourism Organization shows.
About 90 percent of the nation’s 160 tour agencies specializing in inbound Chinese tourism have closed,
South Korea’s travel agent industry body estimates.
“This whole area was just (driven by) China, and look at it now,” 53 year-old Shin said,
pointing to empty neighboring stalls selling hot-dogs and facial masks.
“Everyone here lived off Chinese money.”
=======
It's hybrid weaponized economic warfare. Our allies just luv us for it. Ask Europe.
Ghost stores, lost billions as Korea Inc's China woes grow
http://www.reuters.com/article/us-northkorea-missiles-southkorea-china/ghost-stores-lost-billions-as-korea-incs-china-woes-grow-idUSKCN1BN33V?il=0
Last September, Chinese President Xi Jinping warned his South Korean counterpart
that bilateral ties would suffer if Seoul did not properly handle China’s opposition
to the planned deployment of a U.S. anti-missile defense system in South Korea.
Now - with the system’s installation mostly complete amid growing threats from North Korea -
the fallout is evident in both the shuttered Chinese stores of Lotte
and the empty Seoul shopping districts once jammed with Chinese tourists.
Upset over Seoul’s decision to deploy the Terminal High Altitude Area Defense (THAAD) system,
tour operators say China has quietly banned groups traveling to South Korea,
once one of the most popular destinations for Chinese tourists.
Cruises have erased Korean ports from their trips and some flights have been cut.
Seoul and Washington say THAAD is purely a deterrent to nuclear-armed North Korea,
but Beijing worries the system’s radar can penetrate its territory and will upset the regional security balance.
Near Dongdaemun in Seoul, a major shopping district, an outdoor wear popup store had signs reading
“Thaad retaliation shock! Going out of business sale!”.
Dozens of similar signs were seen across the 24-hour shopping precinct.
Cho Kyung-suk, who has been selling women’s bags for 15 years in Dongdaemun,
closed one of his three stores in February.
”Without the Chinese tour groups and buyers, I was making only about one fifth of what I used to,“ Cho said.
If big companies are doing badly, imagine us.”
VANISHING SHOPPERS
The number of Chinese tourists, which used to account for about half of all visitors to South Korea,
halved in the first seven months of 2017 compared to a year ago.
That meant $5.1 billion in lost business for South Korea, based on the average spending of Chinese visitors in 2015,
data from the Korea Tourism Organization shows.
About 90 percent of the nation’s 160 tour agencies specializing in inbound Chinese tourism have closed,
South Korea’s travel agent industry body estimates.
“This whole area was just (driven by) China, and look at it now,” 53 year-old Shin said,
pointing to empty neighboring stalls selling hot-dogs and facial masks.
“Everyone here lived off Chinese money.”
=======
It's hybrid weaponized economic warfare. Our allies just luv us for it. Ask Europe.