Consumers close their wallets when large supermarkets close: Focus on nurturing the market rather than adopting another regulation

"If you try to protect small retailers by adopting a new regulation, this would lead to another regulation and ultimately create a pyramid of regulations," said Heui-Seok Kang, a partner with Bain and Company. "For instance, if conglomerates are restricted from producing and selling stationery, medium-sized companies will enter the market. If these companies sell cheap imports of stationery at a low price, it will go against the original purpose of the regulation, which is protection of small businesses."

(Full article only available in Korean)