By Jane Han
NEW YORK — For Korean immigrants, dry cleaners and video stores were once considered the fast lane to the American Dream. But times have changed and so has the ticket to success.
Now, new businesses are beating out traditionally popular ones to meet people’s changing lifestyles.
“Sticking to the old formula isn’t going to work forever,” says Kim Nam-soo, who runs two dry cleaners in New York and New Jersey.
More than 15 years into the business, Nam downsized his store count from four to two in recent years due to shrinking sales.
There are currently about 39,000 dry cleaners nationwide, according to industry estimates, and roughly half are operated by Koreans.
“There are only so many dry cleaners that can go co-exist before they start butting heads,” he said, adding that the business is steadily losing its appeal.
A business that has already lost fizz is the once ultra-popular video store.
Video stores thrived on the back of people’s interest in Korean dramas and shows, but they quickly vanished with the widespread use of Internet downloads.
“This is a prime example of how a new technology kills an old one,” says Lee Myung-hee, member of the Korean American Video Association. Having owned and operated a video store in San Francisco for almost 10 years, Lee didn’t renew her lease when it expired two years ago.
Besides dry cleaners and video stores, computer repair, alteration and stationary shops are also losing steam, according to Korean associations.
So which businesses are up and coming? Bakeries, frozen yogurt shops, pet care units and postpartum care centers are among those that are emerging.
“We’re noticing that fresh Korean immigrants go for businesses that are less labor intensive and more service-centered,” says Lee, an official of the Federation of Korean Associations. “The key is to offer something that they can’t get from conventional American businesses.”
He said those with an added touch of Korean style are popular among American consumers.
“Where are they going to experience Korean-style postpartum care centers?” says Lee, adding that discovering the niche market is key.
“Korean baked goods and frozen yogurts are largely new for everyday people,” he said. “These businesses require relatively less labor and hours compared to traditionally popular business items. It’s time for Korean immigrants to adapt to the changing times and lifestyle.”