SEOUL, Jul. 9 (Korea Bizwire) – Lotte Mall West Lake Hanoi, a massive commercial complex praised by Lotte Group Chairman Shin Dong-bin as a market-leading business model, has surpassed 200 billion won (approximately $150 million) in cumulative sales less than a year since its opening. The mall’s success is largely attributed to its innovative merchandising strategy, [...]
SEOUL, Jul. 8 (Korea Bizwire) – In a surprising turn of events, private label (PB) home appliances are making significant inroads into the South Korean market, traditionally dominated by major corporate brands. This trend, driven by cost-conscious consumers amid high inflation, is reshaping the landscape of the home appliance industry. A prime example of this shift [...]
SEOUL, Jul. 8 (Korea Bizwire) – As sweltering heat and monsoon rains intensify, convenience stores and supermarkets in South Korea are turning to home delivery services to capture customers reluctant to venture out in inclement weather. Convenience stores and corporate supermarkets, known for their proximity to residential areas — so close that Koreans joke about going [...]
SEOUL, Jul. 8 (Korea Bizwire) — Nine out of 10 large companies in South Korea plan to maintain or increase their investments in the second half of the year, despite challenges such as prolonged high interest rates, a weak local currency and international uncertainties, a survey showed Monday. In the survey conducted by Mono Research, [...]
SEOUL, Jul. 8 (Korea Bizwire) – In response to rising inflation, South Korean convenience store chains are increasingly turning to direct sourcing of overseas products to offer affordable options to budget-conscious consumers. According to industry reports, major convenience store chains including CU, GS25, 7-Eleven, and Emart24 are each introducing 20 to 50 directly sourced products annually. [...]
SEOUL, Jul. 5 (Korea Bizwire) – A recent report from the Organization for Economic Cooperation and Development (OECD) has disclosed that counterfeit products violating the intellectual property rights of South Korean firms total $9.7 billion each year, a staggering 1.5% of the nation’s overall exports. The study, commissioned by the Korean Intellectual Property Office (KIPO) and [...]
SEOUL, Jul. 5 (Korea Bizwire) — Cho Hyun-moon, former vice president of Hyosung Corp. and estranged son of the company’s founding family, on Friday pledged to end his yearslong conflict with his brothers and donate an inheritance from his late father to society. At a press conference held in Seoul, Cho said he will donate [...]
SEOUL, Jul. 5 (Korea Bizwire) – All consumer products tested for electromagnetic field (EMF) exposure in the first half of this year have met safety standards, according to a government report released on July 4. The Ministry of Science and ICT announced that 38 products across 13 categories were examined, with exposure levels ranging from 0.69% [...]
SEOUL, July 4 (Korea Bizwire) – HD Korea Shipbuilding & Offshore Engineering Co., a major South Korean shipyard, said Thursday it has secured a 328.6 billion-won (US$237.7 million) order to build two very large ammonia carriers (VLACs) from a European shipper. Hyundai Samho Heavy Industries Co., one of HD Korea Shipbuilding’s three shipbuilding units, will [...]
SEOUL, Jul. 4 (Korea Bizwire) – The South Korean TV home shopping industry is facing a severe downturn with broadcast revenue plummeting to a five-year low, reflecting the ongoing decline in television viewership. This slump comes amid rising transmission fees, further squeezing the industry’s profitability. According to a report released by the Korea TV Home Shopping [...]