South Korea's Tourism Surge Boosts Beauty Retail Demand
South Korea has experienced a significant boost in its beauty retail sector, driven by a surge in international tourism. In 2024, the country welcomed approximately 16.4 million foreign visitors, nearly reaching pre-pandemic levels. This influx has particularly benefited Seoul's prime retail districts, where cosmetics and medical-related spending are prominent. Myeongdong, a key shopping area, has seen cosmetics account for 28% of tenants, while medical spending makes up 27% of sales. The demand for retail space has increased, with vacancy rates dropping to 5.6%. Seongsu, another commercial district, has recorded a 110% year-on-year growth in foreign visitors, further boosting the retail landscape. The convergence of culture, beauty, and medical services in South Korea is creating a unique retail ecosystem that attracts international visitors. 
