SEOUL, Feb. 16 (Korea Bizwire) — South Korea’s three major instant noodle makers saw their operating profits tumble in 2021 due largely to increased costs, their regulatory filings showed Wednesday. Nongshim Co., the leading maker of instant noodles, or “ramyeon” in Korean, said that its 2021 operating income plunged 33.8 percent from the previous year. [...]
SEOUL, Feb. 8 (Korea Bizwire) — South Korean retailers are raising caution with tightening government restrictions aimed at addressing the spread of the Omicron variant. While department stores and shopping malls have been exempted from the quarantine pass policy, they are now banned from allowing customers to eat or drink on the premises. They have [...]
SEOUL, Jan. 25 (Korea Bizwire) — The development of big data and artificial intelligence (AI) technology has resulted in a boom of customized consumer items in South Korea. A good example is the fashion industry, which is rolling out a variety of customized services. Tribons Co., a South Korean apparel manufacturer, is running an online [...]
SEOUL, Jan. 21 (Korea Bizwire) — Lotte Corp., the holding company of South Korean retail giant Lotte Group, said Friday it has acquired an entire stake of Ministop Korea Co. for 313.37 billion won (US$263 million). Under the deal, Lotte will take over 2,600 Ministop convenience store outlets across the country and 12 logistics centers [...]
SEOUL, Jan. 18 (Korea Bizwire) – Since the outbreak of the coronavirus, South Korea’s non-alcoholic beer market has been growing at a blistering pace thanks to an increase in the number of health-conscious consumers and the growth of the drinking-at-home culture. Hite Jinro Co., the country’s second-largest beverage company, had been selling between 6 and 7 million [...]
SEOUL, Jan. 13 (Korea Bizwire) — With inflation picking up, the popularity of private-brand (PB) products developed in-house by large discount stores, convenience store chains and online malls is rising at a rapid pace. PB products, in general, minimize logistics and advertising costs, and are thereby usually cheaper than other products made by big-name companies. [...]
SEOUL, Jan. 12 (Korea Bizwire) — CU, South Korea’s top convenience store chain, said Thursday it has established its 50th outlet in Malaysia as part of its overseas push. The opening comes nine months after CU set up its first outlet at a shopping mall in a middle-class neighborhood in the Malaysian capital of Kuala [...]
SEOUL, Jan. 12 (Korea Bizwire) — South Korea’s major retailers are making a string of investments in secondhand marketplace platforms. Bungaejangter, the operator of the country’s first secondhand transactions app, recently attracted an investment of 82 billion won (US$68.9 million). In the latest investment round, retail giant Shinsegae Group participated as a new investor through [...]
SEOUL, Jan. 10 (Korea Bizwire) — South Korea’s large discount store chains are shifting strategy from shutting down underperforming outlets towards ramping up their competitiveness through renovations. Lotte Mart, the hypermarket chain operated by retail giant Lotte, is planning to renovate about 20 to 30 outlets this year, according to industry sources. For the renovated [...]
SEOUL, Jan. 3 (Korea Bizwire) — As the Year of the Tiger in the Chinese zodiac begins, the retail industry is promoting a variety of products using tiger characters. Shinsegae Department Store showed off a variety of products with tiger designs for babies, toddlers and children. The retailer teamed up with premium children’s clothing brand [...]