SEOUL, Dec. 5 (Korea Bizwire) – CJ OnStyle, a major South Korean online retailer, has identified “newmiliar” as the defining consumer trend of 2024, describing a preference for products that combine familiarity with innovative twists. The term “newmiliar,” a portmanteau of “new” and “familiar,” emerged from the company’s analysis of sales data across its most popular [...]
SEOUL, Dec. 3 (Korea Bizwire) – South Korea’s duty-free sector is grappling with declining performance as foreign tourists increasingly favor road shops and specialty stores, such as health and beauty retailer Olive Young, over traditional duty-free outlets. This trend was highlighted at the “2025 Retail Industry Outlook Seminar” held by the Korea Chamber of Commerce [...]
SEOUL, Dec. 3 (Korea Bizwire) – Amid years of declining traditional retail sales, warehouse clubs are emerging as bright spots in South Korea’s brick-and-mortar retail landscape. E-mart’s Traders and Costco Korea are bucking the trend of offline retail struggles and inflation-driven consumer caution, primarily through their bulk-sale, low-price business model. According to data from E-mart released [...]
SEOUL, Dec. 2 (Korea Bizwire) – Despite persistent inflation, South Korea’s fragrance market is booming, with niche luxury perfumes gaining prominence. International brands like Jo Malone, Diptyque, and Byredo are leading the charge, capturing significant consumer interest and driving growth in the high-end cosmetics sector. According to industry data, niche perfume sales through Shinsegae International’s [...]
SEOUL, Dec. 2 (Korea Bizwire) – Spending on clothing and footwear in South Korea has dropped to its lowest share of consumer expenditures, as domestic demand remains weak and unseasonably warm weather curbs the need for fall apparel. Data from Statistics Korea shows that in the third quarter of 2024, average monthly consumer spending per [...]
SEOUL, Dec. 2 (Korea Bizwire) – With Alex Wong, a former Coupang executive, emerging as a key figure in the Trump administration’s North Korea policy, attention is turning to the multinational workforce at South Korea’s e-commerce giant, where foreign employees now exceed 1,000 and include more than 250 full-time interpreters and translators. Foreign nationals make up [...]
SEOUL, Nov. 29 (Korea Bizwire) — One in three South Korean consumers has experienced issues while shopping online, a government survey showed Friday, underscoring the need for improved consumer protection from e-commerce operators. The survey, conducted on 2,000 local consumers, showed that 29.4 percent of the people shopping on local e-commerce platforms and 28.3 percent [...]
SEOUL, Nov. 29 (Korea Bizwire) – Lotte Group announced a sweeping set of initiatives on November 28 to address liquidity concerns and improve financial stability. The measures include revaluing land assets, divesting underperforming properties, and scaling back investments. As part of its strategy, Lotte is also considering exiting poorly performing overseas duty-free locations. During an [...]
SEOUL, Nov. 28 (Korea Bizwire) – South Korean food giant CJ Cheiljedang Corp. said Thursday it has begun selling an instant fried rice product for the first time in the United States. Korean barbecue-flavored fried rice under CJ Cheiljedang’s bibigo brand is now available at major grocery shops, including Walmart and Publix, and will be [...]
SEOUL, Nov. 21 (Korea Bizwire) – Lotte Department Store announced the launch of its European-style Christmas Market, running from November 20 to January 5 at the Lotte World Mall’s Lawn Plaza in Jamsil, Seoul. This year’s market, themed “Wonderful Showtime,” represents the largest iteration to date, featuring collaboration with luxury brand Chanel and integration with an [...]