SEOUL, Jan. 11 (Korea Bizwire) – As it approaches its third year of being listed on the U.S. stock market, South Korean e-commerce giant Coupang is generating buzz with expectations of its first-ever profit. However, the company faces intensifying competition with the entry of Chinese shopping platforms like AliExpress, raising concerns about the slowing growth of [...]
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. [...]
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, Dec. 28 (Korea Bizwire) – In the face of persistent high inflation and interest rates, South Korean consumers have been navigating the economic landscape with markedly polarized spending habits. This trend, underscored by recent studies from Lotte Home Shopping and WiseApp, reveals a complex interplay of ‘value-seeking consumption’ and ‘revenge spending’, shaping the country’s retail [...]
SEOUL, Dec. 27 (Korea Bizwire) – GS Shop announced on December 25 its new ‘Short Picks’ service, offering condensed versions of TV home shopping broadcasts and live commerce videos, each reduced to about a minute. Short Picks is a short-form content initiative by GS Shop that edits down product sales videos, previously aired on various channels, [...]
SEOUL, Dec. 25 (Korea Bizwire) –After a temporary setback due to the COVID-19 pandemic, South Korea’s department store culture centers, which have flourished for 40 years since the mid-1980s, are witnessing a resurgence in popularity. The three major department store chains in South Korea – Lotte, Shinsegae, and Hyundai – are not only expanding their [...]
SEOUL, Dec. 22 (Korea Bizwire) — E-Mart24 Inc., one of South Korea’s major convenience store chains, said Friday it aims to open 100 stores in Cambodia by 2028, as it signed a deal with a local partner to make inroads into the Southeast Asian country. E-Mart24 signed the deal with Saihan Partners, a joint venture [...]
SEOUL, Dec. 19 (Korea Bizwire) — New York-listed e-commerce company Coupang, Inc. said Tuesday it will acquire British online luxury fashion retailer Farfetch Holdings in a deal that brings Coupang the leading position in the $400 billion global personal luxury goods market. The deal will provide Farfetch with $500 million in capital to continue its [...]