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Archive by category Retail & Consumer

Hotel Shilla Reaches Agreement with Airport over Duty-Free Shop Rental Fees

SEOUL, April 3 (Korea Bizwire) – Hotel Shilla Co. said Tuesday it has accepted the airport operator’s offer to cut rental fees for its duty-free concessions at Incheon International Airport by 27.9 percent, a deal that could help the bottom line of the country’s second-largest duty-free operator. Incheon International Airport Corp. has also suggested adjusting fees to reflect the drop in the number of customers caused by the opening of a [...]

DFS Operating Profits Nosedive amid Keen Competition, Chinese Sanctions

SEOUL, Apr. 3 (Korea Bizwire) — Operating profits of South Korea’s duty-free shops declined sharply in general last year due to the cutthroat competition to attract Chinese tourists, and over Beijing’s economic retaliation against the deployment of a U.S. anti-missile defense system here, industry sources said Tuesday. Chinese travel agencies have suspended sales of tour [...]

Lotte Duty Free Suffers Weak Earnings in 2017 Amid THAAD Row

SEOUL, April 2 (Korea Bizwire) – Hotel Lotte Co., a hotel and duty-free operator of South Korean retail giant Lotte, said the operating profit of its duty-free unit nosedived to a record-low level in 2017 amid a diplomatic row between Seoul and Beijing over a U.S. missile defense system. Lotte Duty Free’s operating income came to 2.5 billion won [...]

Department Stores Poised to Attract Male Customers

SEOUL, April 2 (Korea Bizwire) — South Korean department stores are ramping up efforts to attract male customers, whose growing numbers are changing the retail landscape. According to data from Shinsegae Department Store, male customers, which accounted for 28.1 percent in 2010, now represent just over 34 percent of the major department store’s customer base. Sales [...]

Plus Size Clothing at S. Korean Fashion Brands Hard to Find

SEOUL, April 2 (Korea Bizwire) — For South Koreans shopping for plus size clothing, finding the right fit off the rack is often an exercise in frustration. One such shopper named Kim said, “I normally wear size XXXL or XXXXL so it’s hard to find clothes that fit me that aren’t specially tailored.” Kim added [...]

Online Malls Suffer Losses in Keen Competition Despite Growing Sales: Sources

SEOUL, Apr. 2 (Korea Bizwire) – South Korea’s online shopping malls posted a combined operating loss of more than 700 billion won (US$661 million) last year as they have relied on excessive discounts to compete effectively with rivals in a growing market, industry sources said Monday. The amount compares with nearly 1 trillion won of operating [...]

Convenience Stores Woo Clients with PB Combination Goods: Sources

SEOUL, Apr. 1 (Korea Bizwire) — South Korea’s convenience store chains are introducing private-label (PB) products that combine the features of best-selling items to entice clients seeking new products at lower prices, industry sources said Friday. 7-Eleven’s PB Yoghurt Flavored Jelly, a combination of yogurt and jelly, has gained popularity since its debut in 2016 [...]

Patent Applications for Leisure Products Rising Amid Work-Life Balance Trend

SEOUL, March 30 (Korea Bizwire) — Patent applications for leisure products are rising in South Korea, in tandem with a newfound appreciation for work-life balance among busy workers. Data from the Korean Intellectual Property Office (KIPO) revealed the number of patent applications for leisure products filed between 2015 and 2017 stood at 75,369. The annual figure [...]

CJ O Shopping Beckons Youngsters with Variety Show Style Programs

SEOUL, Mar. 30 (Korea Bizwire) — CJ O Shopping is expanding its variety show style programs in an effort to attract younger viewers. The major South Korean TV shopping channel announced on Thursday a number of new ‘media commerce’ programs scheduled to air at midnight during the week. The term ‘media commerce’ refers to the collaboration [...]

Shinsegae Vice Chairman Unveils Autonomous Cart Under Development

SEOUL, March 29 (Korea Bizwire) – The vice chairman of South Korean retail giant Shinsegae Group on Thursday revealed an autonomous shopping cart under development as the company moves to secure competitiveness of its offline distribution channels. Dubbed eli, it would be the world’s first autonomous cart, Chung Yong-jin said in a post on his Instagram account that included a clip showcasing the cart’s key [...]