SEOUL, Jan. 8 (Korea Bizwire) –In a bold move to overcome fierce economic headwinds, department stores and large supermarkets in South Korea are focusing on improving their offline presence, increasing experiential content in their stores to prolong customer visits and boost sales. According to industry insiders, the strategy to encourage longer stays aims to transform [...]
SEOUL, Jan. 7 (Korea Bizwire) – GS25 said Sunday it has strengthened its presence in Mongolia and Vietnam in recent years by aggressively expanding its outlets. GS Group’s convenience store chain entered the Vietnamese and Mongolia markets in January 2018 and May 2021, respectively, as part of its expansion strategy, the company said in a [...]
SEOUL, Jan. 5 (Korea Bizwire) – A conflict has erupted between Coupang, the South Korean e-commerce giant, and the Korea Economic Daily newspaper, following a series of critical articles published by the latter. Coupang has announced plans for legal action, accusing the newspaper of siding with major conglomerate-run retail companies and belittling its innovative practices. [...]
GEOJE, Jan. 4 (Korea Bizwire) –Daewoo Shipbuilding & Marine Engineering, currently known as Hanwha Ocean, is embroiled in a security breach involving the leak of submarine blueprints to Taiwan, with the South Korean police conducting an investigation. According to police reports on January 4, the South Gyeongsang Provincial Police Agency has begun an investigation into [...]
SEOUL, Jan. 4 (Korea Bizwire) – Starbucks Korea has announced the opening of its first pet-friendly store in Guri, Gyeonggi Province, set to welcome customers on January 5. The Guri Galmae DT store, located in Galmae-dong, is the first Starbucks in the country to feature a designated space for customers to relax with their pets. In [...]
SEOUL, Jan. 4 (Korea Bizwire) –As global demand for Korean cuisine, commonly known as K-food, continues to rise, the South Korean food and beverage industry is gearing up to further penetrate international markets in the coming year. Strategies include establishing production facilities abroad and introducing products tailored to local tastes, in collaboration with local distribution [...]
SEOUL, Jan. 3 (Korea Bizwire) – In a major boost for South Korea’s small businesses, Coupang, one of the country’s largest online retailers, has announced a significant milestone: the number of small business owners on its platform has surpassed 210,000, with their annual transaction volume exceeding 9 trillion won. This news was highlighted in Coupang’s recently [...]
SEOUL, Jan. 3 (Korea Bizwire) — The antitrust regulator said Wednesday it has decided to fine Nexon Korea Corp. 11.6 billion won (US$8.85 million) for alleged deceptive business activity against game users regarding in-game items. The game giant was accused of changing the probability of randomized items for its hit titles of “MapleStory” and “Bubble [...]
SEOUL, Jan. 3 (Korea Bizwire) – The planning company and its CEO responsible for a contentious ‘butter beer’, which sparked debate for not containing actual butter, have been sent to trial. On December 2, the Seoul Eastern District Prosecutors’ Office announced the indictment of Virtual Company, the license planning agency behind ‘Beurre’ (French for ‘butter’) beer, [...]
SEOUL, Jan. 2 (Korea Bizwire) — Samsung Heavy Industries Co., the world’s third-biggest shipbuilder by orders, said Tuesday it has received a US$1.5 billion order to build a floating liquefied natural gas (FLNG) facility in North America. Samsung Heavy formed a consortium with U.S. engineering company Black & Veatch to sign an engineering, procurement and [...]