Seoul's Food Service Market: A Data-Driven Look at Survival Rates

Seoul's food service market is facing a tough challenge. Many small businesses close within just three years. This is a big problem for South Korea's economy. But why does this happen? And how can we predict which areas will struggle in the future? A recent study took a deep dive into this issue. It used a massive amount of data from 2004 to 2018. The goal was to understand the patterns of business survival. The study used a special type of artificial intelligence called deep learning. This helped create a model to predict which areas might see more closures. The study also looked at different parts of Seoul. It found that the central business district (CBD) might see a drop in survival rates. But areas near universities and tech hubs could see more businesses thrive. This is interesting because it shows how different parts of a city can have very different outcomes. The study then grouped these areas into eight categories. Each category shows a different pattern of survival rates. This could help policymakers make better decisions. They can use this information to support businesses in struggling areas. But there's a catch. The study only looked at Seoul. Other cities might have different patterns. Still, the methods used here could be applied elsewhere. This could help other cities tackle their own business closure problems.