In the tough economy, hagwon boom goes bust 2012/07/14, Source,
Workers remove a sign advertising a hagwon, or private academy, from a building in Daechi-dong, southern Seoul, on Tuesday. A "For Rent" sign goes up instead. By Kim Do hoon
Though in years past many signboards advertising hagwon (private academies) adorned buildings in Daechi-dong, southern Seoul, a recent visit to the area showed how the country's private education industry is starting to lose steam. Many of the signs were taken down and replaced with banners looking to rent or lease vacant space. On Tuesday, several JoongAng Ilbo reporters strolled down the main hagwon street in Daechi-dong - from the Eunma Apartment intersection to Hanti Station - and were able to locate 43 hagwon buildings all together. Of them, 11 had banners reading "For Rent.,...More
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