Half of Independent Restaurants Make Less Than 48 Mil. Won a Year

SEOUL, KOREA- A congressional study said about a half of independent restaurants in Korea are making sales revenues below the 48-million-won level a year. According to National Assemblyman Hong Jong-Hak (Democratic Party) based on data submitted by the National Tax Service on October 17, 342,000 independent restaurateurs out of all 672,000 (50.8%) earned 48 million won or less in sales in 2012. Under the National Tax Service definition, those earning less than 48 million won belong to the category of low-income self-employed persons.

The annual sales revenue includes salaries to employees and costs for food ingredients. The net earnings for the self-employed restaurant operators are much lower than that. The average per-business sales revenue for all individual restaurant operators was 625.9 million won last year, up 5.1 percent from 595.4 million won in 2008.

In contrasts, those food service establishments run by large corporations have done much better than their smaller counterparts. Their average sales revenue per franchiser increased 69.9 percent to 109.7 billion won in 2012 from 64.7 billion won in 2008.

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