BTSnomics: Impact of Gwanghwamun Concert on Local Economy and Retail Sector
BTS's Gwanghwamun comeback concert on the 21st had a significant impact on the local economy, showcasing the 'BTSnomics' effect. Despite lower attendance than anticipated, nearby businesses experienced a surge in sales. A BBQ Cheonggye Plaza branch near the venue saw a substantial increase in visitors and sales on the concert day. The branch offered special 'Arirang Family Sets' and 'Swim Sets' to cater to the influx of customers, with a majority of them being foreigners.
The convenience store sector witnessed a notable boost in sales, with stores experiencing a 'double peak phenomenon' before and after the concert. CU convenience stores operated by BGF Retail reported a significant rise in sales at branches near Gwanghwamun, with BTS albums and batteries for cheering sticks being the top-selling items. GS25, operated by GS Retail, also saw a substantial increase in sales at branches near the concert venue, driven by practical items like hand warmers and portable batteries.
Other retailers like 7-Eleven, Emart24, and Olive Young also reported increased sales during the concert period. Olive Young noted a rise in sales at branches near Gwanghwamun, despite some closing early on the concert day. Department stores like Shinsegae and Lotte also attracted BTS fans, with foreign sales seeing a significant increase. Overall, the BTS concert had a positive impact on the local economy, driving sales across various sectors and attracting fans to nearby businesses.
In conclusion, BTS's Gwanghwamun comeback concert had a significant economic impact, showcasing the power of the 'BTSnomics' effect. The surge in sales at nearby businesses, particularly in the convenience store and retail sectors, highlighted the influence of BTS on consumer behavior. The concert not only attracted fans but also boosted tourism and shopping activities in the area, contributing to the revitalization of the local economy.