SEOUL, Aug. 21 (Korea Bizwire) – In a bold fusion of tradition and technology, a new ‘K-convenience store’ has opened its doors in Seoul’s historic Insadong district, offering visitors a unique blend of Korean culture and cutting-edge retail experiences. GS Retail, the operator of the GS25 convenience store chain, unveiled its latest venture, Ground Blue 49, [...]
SEOUL, Aug. 21 (Korea Bizwire) – The government said Wednesday it will provide 1.6 trillion won (US$1.2 billion) in financial support, including loans, to help vendors hit by delayed payments of e-commerce platforms TMON and WeMakePrice. The announcement came after the two firms, owned by Singapore-based Qoo10, filed for corporate rehabilitation last month after failing to [...]
SEOUL, Aug. 20 (Korea Bizwire) — Amorepacific Corp., South Korea’s leading cosmetics firm, said Tuesday it has launched its luxury Hera brand in Thailand as part of its expansion into Asian markets. The first Hera outlet in Thailand is located at the Central Chidlom department store in Bangkok, with more outlets set to be added [...]
SEOUL, Aug. 19 (Korea Bizwire) – As South Korean department stores struggle with sluggish consumer spending due to high inflation, sports merchandise sections have become an unexpected source of growth. According to reports from the country’s three major department store chains on August 18, sales in their sports categories increased by approximately 10% in the first [...]
SEOUL, Aug. 19 (Korea Bizwire) – With South Korea’s major duty-free retailers struggling to overcome a prolonged sales slump, they are increasingly turning their attention to an often overlooked demographic: domestic customers. With the summer travel season in full swing, these shops are launching aggressive marketing campaigns, including lavish prize drawings, to capture the wallets of [...]
SEOUL, Aug. 15 (Korea Bizwire) — Nearly 85 percent of the counterfeit goods seized by South Korean customs authorities in the first half of this year originated from China, data showed Thursday. The value of these fake goods, uncovered between January and June, totaled 93.4 billion won (US$68.6 million), with 83.6 percent, or 78.1 billion [...]
SEOUL, Aug. 14 (Korea Bizwire) — Women’s accessories, such as hats and sandals, sold on AliExpress, Temu and Shein, the biggest Chinese online retail platforms, have been found to contain toxic substances at up to 229 times higher than permitted levels, the Seoul city government said Wednesday. The city conducted safety examinations on 144 products [...]
SEOUL, Aug. 14 (Korea Bizwire) — Coupang Inc. said Wednesday it has resumed purchasing CJ CheilJedang Corp.’s products for delivery after a 20-month hiatus due to differences over their deals. CJ CheilJedang stopped selling its products to Coupang in December 2022 as they failed to narrow a gap over CJ’s product supply prices with the [...]
SEOUL, Aug. 13 (Korea Bizwire) – In a strategic shift to combat the migration of shoppers to online platforms, South Korean department stores are engaged in a fierce competition to introduce exclusive international cafes and dessert shops to the local market. Social media platforms are abuzz with posts from eager patrons flocking to newly opened establishments [...]
SEOUL, Aug. 12 (Korea Bizwire) – South Korea’s Fair Trade Commission (FTC) has taken action against four major K-pop merchandise retailers for unfair business practices, highlighting growing concerns over consumer rights in the booming idol goods market. The FTC announced on August 11 that it would issue corrective orders and impose fines totaling 10.5 million won [...]