Experts say that domestic travel agencies failed to transform quickly enough to satisfy new demands. “Korean travel agencies have stuck to traditional business models as online travel platforms began dominating the global industry,” said Kim Hyun-ju, a senior analyst at the Korea Culture and Tourism Institute. The travel agencies that recently closed down all followed a similar business model. They would profit from buying flight tickets in bulk and selling them to customers, or receive commissions from the hotels where their customers stayed. Get the full story at JoongAng Daily