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Despite the shrinking golf market in China, Golfzon China’s two existing stores have been doing extremely well recently. Golfzon China acquired their first store, the Li Yangru Club, in June 2018 and the second store, the Dohwawon Club, in September 2018.
Golfzon China operates not only direct store business but also academy business. The Chinese government is currently actively supporting the development of golfers. The market for youth golf lessons is expanding, with golf-related majors being established at universities and subsidy policies being created.
Accordingly, Golfzon China will open its first academy store near a foreign residential complex in Shenzhen in June. The main target is students from international schools located near the store. Golfzon China plans to expand the market for Chinese youth golfers with the Golfzon's excellent system and lesson programs.
In terms of local responses - China is drastically reducing golf courses across the country due to its anti-corruption and environmental protection policies. The overall golf market is in a depressed mood, but on the other hand, the indoor golf market is expected to be brisk. Since the stores are mainly located in the Korean area, the Korean and ethnic Koreans make up the majority. The inflow of local customers is slow, but they are somewhat being detected.