SEOUL, Jan. 15 (Korea Bizwire) — South Korea kicked off its annual winter shopping festival Wednesday, a 45-day nationwide event aimed at drawing foreign tourists and boosting spending during the tourism off-season. The Korea Grand Sale, running through Feb. 28, features discounts across flights, accommodations, and retail sectors, according to the Ministry of Culture, Sports [...]
SEOUL, Jan. 15, 2025 — South Korea’s Ministry of Employment and Labor has ruled that Coupang delivery drivers, known as Quick Flexers, are not classified as employees under the Labor Standards Act, effectively ending allegations of illegal subcontracting against the e-commerce giant. The decision follows an investigation prompted by the death of delivery driver Jeong [...]
SEOUL, Jan. 14 (Korea Bizwire) — South Korea continues to face mounting dining costs for the third consecutive year as high inflation, currency volatility, and rising interest rates drive food prices upward. From popular dining options to workplace cafeterias and convenience store meals, prices have surged, intensifying the so-called ‘lunchflation’ phenomenon. According to data from Statistics [...]
SEOUL, Jan. 14 (Korea Bizwire) — A notable shift in South Korea’s mobile phone market has seen carriers KT and LG Uplus significantly increase subsidies for the iPhone 16 series, influenced by the upcoming release of Samsung’s Galaxy S25 and the abolition of the Mobile Device Distribution Act. Some premium plan subscribers can now obtain even [...]
SEOUL, Jan. 14 (Korea Bizwire) — In response to the growing trend of direct overseas purchases of cosmetics through international online platforms, South Korea’s Ministry of Food and Drug Safety (MFDS) announced on Monday, that it will strengthen safety regulations to prevent consumer harm. This initiative will be carried out in collaboration with the Korea [...]
SEOUL, Jan. 12 (Korea Bizwire) — South Korea’s decision to designate January 27 as a temporary public holiday has extended the Lunar New Year break to six consecutive days, sparking a surge in travel demand while causing concerns among small business owners in the food and beverage industry. The travel industry is witnessing a sharp increase [...]
SEOUL, Jan. 8 (Korea Bizwire) — The Korea Chamber of Commerce and Industry (KCCI) unveiled its 2025 Retail Industry White Paper on January 7, identifying “S.N.A.K.E”—Survival, Next, AI, K-Culture, and Economical Consumption—as the year’s key consumer market trends. Survival in a Stagnant Market With global economic challenges and stagnating consumer markets, competition for limited spending [...]
SEOUL, Jan. 8 (Korea Bizwire) — Hyundai Motor Co. said Wednesday it has begun to sell its vehicles on Amazon.com, one year after the South Korean carmaker signed a strategic partnership with the U.S. retail giant. Starting Jan. 7 (local time), U.S. consumers can browse, order and finance any new Hyundai vehicle through a participating [...]
SEOUL, Jan. 8 (Korea Bizwire) — South Korea’s department store industry showed stagnant growth of less than 1% last year, with the disparity between high-performing and struggling stores becoming increasingly pronounced. According to industry data released on January 7, the five major department store chains – Lotte, Shinsegae, Hyundai, Galleria, and AK – recorded combined sales [...]
SEOUL, Jan. 7 (Korea Bizwire) — Shinsegae Group and China’s Alibaba Group have joined forces to form a strategic e-commerce alliance, a move that has drawn close attention from Coupang, South Korea’s market leader in online retail. The partnership, announced on January 6, could significantly alter the competitive dynamics of the e-commerce sector. Coupang’s senior [...]