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Lotte, Shilla Surrender Incheon Airport Duty-free Biz amid Coronavirus Woes

Lotte, Shilla Surrender Incheon Airport Duty-free Biz amid Coronavirus Woes

SEOUL, April 8 (Korea Bizwire) — South Korea’s two leading duty free operators have decided to give up their bids to operate stores at Incheon International Airport as the novel coronavirus has devastated business at the transportation hub, industry sources said Wednesday. The move by Hotel Lotte and Hotel Shilla comes as the business environment [...]

Employees at Uniqlo Korea Anxious as CEO Email Mentions ‘Restructuring’

Employees at Uniqlo Korea Anxious as CEO Email Mentions ‘Restructuring’

SEOUL, April 8 (Korea Bizwire) — Experts are anticipating layoffs at the South Korean unit of Japanese fashion retailer Uniqlo, which has been hit hard by last year’s national boycott movement against Japanese products. Chief executive of FRL Korea, an operator of Uniqlo Korea, recently mentioned the term ‘restructuring’ in an email. The email written [...]

Airlines Struggle to Tide over Virus Impact

Airlines Struggle to Tide over Virus Impact

SEOUL, April 8 (Korea Bizwire) – South Korean airlines, one of the hardest-hit industries by the outbreak of the new coronavirus, are taking unprecedented measures, such as unpaid leave, job cuts and asset sales, to overcome the COVID-19-triggered crisis, industry sources said Wednesday. Korean Air Lines Co., the country’s biggest airline, said Tuesday it will [...]

S. Korea’s Top Food Delivery Service Under Fire for Monopolistic Pricing

S. Korea’s Top Food Delivery Service Under Fire for Monopolistic Pricing

SEOUL, April 7 (Korea Bizwire) – The pending merger between the nation’s number one food delivery app Baedal Minjok (Baemin), and Yogiyo, the industry’s second largest player, has led to a growing negative public sentiment with widespread concerns about monopolistic behavior. In particular, recent changes to Baemin’s fee system from a flat rate to a [...]

S. Korean Streaming Service Market Grows 32.7 pct in 2019

S. Korean Streaming Service Market Grows 32.7 pct in 2019

SEOUL, April 6 (Korea Bizwire) — The South Korean online movie streaming service market expanded 32.7 percent last year from a year earlier on the back of rising demand for binge-watchable mobile platforms, a report showed Monday. According to the annual report published by the Korean Film Council (KOFIC), the total revenue of the over-the-top [...]