SEOUL, Jan. 24 (Korea Bizwire) — Exports of soju, South Korea’s traditional distilled liquor, increased 13.2 percent in 2022 from a year earlier, data showed Tuesday, rebounding for the first time in three years. Outbound shipments of soju reached US$93.3 million in 2022, rising sharply from $82.4 million tallied a year earlier, according to the [...]
SEOUL, Jan. 18 (Korea Bizwire) — Lotte Confectionery Co. said Wednesday it will invest 70 billion won (US$56.6 million) in its ice cream making affiliate in India, Havmor Ice Cream Ltd., over the next five years as the confectionery maker tries to strengthen its rapidly growing India business. Lotte Confectionery will build a new 60,000-square-meter [...]
SEOUL, Jan. 16 (Korea Bizwire) — A growing number of Koreans are eating meals at home instead of going out due to the pandemic and restaurant price increases brought on by inflation. As a result, demand for miniature-sized vegetables is rising. Discount retailer Emart Inc. reported that last year’s sales of raon paprikas, which come [...]
SEOUL, Jan. 13 (Korea Bizwire) — Liquor companies in South Korea are releasing eco-friendly, limited editions of alcoholic beverages ahead of the Lunar New Year. A-Young Fortune Brands Co. released the All PaperBox gift set on Thursday with packaging made entirely of paper. Liquor gift sets normally include plastic material or plastic airbags to protect [...]
SEOUL, Jan. 12 (Korea Bizwire) — South Korea’s meal kit market still remains active unlike expectations that it would contract after the lifting of social distancing rules, as ready-to-eat meal products are still popular as an alternative to dining out amid a period of prolonged inflation. E-Mart24 Inc., the convenience store arm of South Korean [...]
SEOUL, Jan. 5 (Korea Bizwire) — South Korea’s department store chains are reducing benefits for top-spending VIP customers as a sharp increase in the number of such customers has led to a steep increase in related expenses. According to industry sources, Lotte Department Store introduced a new VIP customer system on Monday, its first changes [...]
SEOUL, Jan. 3 (Korea Bizwire) — GS Retail Co. said Monday it will be installing foreign currency exchange kiosks at stores that are part of its convenience store chain GS25 and supermarket unit GS The Fresh. The forex kiosks will be operated on a trial basis at about 10 stores run by the company. The [...]
SEOUL, Dec. 29 (Korea Bizwire) — Retail sales in South Korea grew 8.4 percent on-year in November on the back of major shopping events and growing demand for foodstuff and other items during the World Cup, the industry ministry said Thursday. The combined sales of 25 major offline and online retailers came to 14.8 trillion [...]
SEOUL, Dec. 23 (Korea Bizwire) — E-Mart Inc.’s convenience store chain Emart24 on Friday opened its first store in Singapore, company officials said, becoming the first Korean convenience store chain to operate in the city state amid the retailer’s push for overseas expansion. The first store is located in the Jurong Point shopping center, west of [...]
SEOUL, Dec. 22 (Korea Bizwire) — South Korean confectionary maker Orion Corp. said Thursday its Vietnam subsidiary, Orion Food Vina Co., has posted over 400 billion won (US$313.8 million) in sales in the first 11 months of the year, the most since its establishment in 2005. The subsidiary posted 406.7 billion won in sales in [...]