Optical Stores Defy Downturn with "Reverse Growth" That Stands Out Even in a Slump

Eyeglass Demand Rises Despite Slump in Self-Employment
New Store Openings Outpace Closures by 6.8 Times
Five-Year Survival Rate at 63%, Sales on the Rise
Low Frame and Lens Costs Lead to High Margins

"This is a new arrival. Please try it on."

Despite the recent economic downturn that has impacted the self-employed sector as a whole, optical stores are experiencing "reverse growth."

On the afternoon of the 27th, Namdaemun Eyeglasses Street in Jung-gu, Seoul was bustling with customers choosing new products in front of glass display cases. Some stores were adept at serving Chinese tourists, and owners who have run their shops for more than 30 years remained busy as ever. Lee, a 64-year-old optical store owner, waved off the question, "Is business good these days?" but smiled as he said, "Thanks to this business, I was able to send my children to college and even see them married." Kim Chungman, who has been running his store since the early 2000s, said, "These days, the number of foreign customers, especially from the United States and Japan, has increased significantly. I hope to keep this up for another 10 years."

The demand for eyeglasses continues to rise, not only due to increased smartphone use and an aging population, but also because eyeglasses have expanded into the fashion sector. According to the National Tax Service's "Top 100 Everyday Businesses" data, the five-year survival rate for optical stores was 63.0%, far exceeding the average of 40.2%. The annual sales growth rate was also notable at 10.13%, standing out compared to restaurants (0.26%) and bookstores (-2.71%).

Profitability is another factor driving the spread of new businesses. The cost of frames and lenses is low, while added value from services such as eye exams and fittings results in high margins. The ability to operate alone, thus reducing labor costs, is also a strength. Yoo, a 59-year-old optical store owner, explained, "Even during the COVID-19 pandemic, I was able to manage on my own and withstand the burden of rent."

According to the Ministry of the Interior and Safety's local administration permit data, as of November this year, there were 10,940 optical stores nationwide, an increase of 630 compared to five years ago. During the same period, there were 739 new openings and 109 closures, meaning new openings outnumbered closures by a factor of 6.8. Global market research firm Grand View Research projects that the global eyeglasses market will grow from $200.46 billion in 2024 to $335.9 billion in 2030, with an average annual growth rate of 8.6% from 2025 to 2030.

Lee Eunhee, a professor of consumer studies at Inha University, stated, "Consumers are increasingly questioning price appropriateness, so price competition is likely to intensify in the future. As more people buy online at lower prices based on eye exam data, the distribution structure could be reshaped."