The number of coffee shops in South Korea continues to grow. More than 71,000 coffee shops are now operating nationwide, with 14,000 opening last year alone.

According to a report by KB Financial Group Management Research Institute, the increase in the number of coffee shops is because the number of new shops opening has dramatically outpaced the number of shop closures.

In 2009, 27,000 new shops were opened and 4000 closed. On the other hand, 14,000 opened last year and 9000 closed.

Meanwhile, 11 per cent of local coffee shops were found to be operating in the red. This rate is higher than the 4.8 per cent of restaurants that are also unprofitable.

Image Credit: Yonhap / CJ Foodville / Starbucks Coffee Korea Co. / photonews@koreabizwire.com

• Original reporting by Korea Bizwire.