SEOUL, March 3 (Korea Bizwire) — South Korea’s e-commerce market is entering a new phase of competition as major players escalate their efforts to enhance delivery services, aiming to challenge Coupang’s dominance in logistics. With next-day delivery now an industry standard, retailers are racing to expand same-day shipping to differentiate themselves and meet rising consumer [...]
SEOUL, March 3 (Korea Bizwire) — The financial burden of food expenses for South Korea’s lowest-income households has skyrocketed over the past five years, growing at a significantly faster rate than for higher-income groups. New data reveals that the bottom 20% of earners saw their monthly food expenditures rise by nearly 40%, far outpacing the [...]
SEOUL, March 3 (Korea Bizwire) — Once a haven for budget-conscious shoppers and vintage fashion enthusiasts, South Korea’s secondhand clothing markets are now feeling the strain of high inflation and shifting consumer habits. Vendors at Dongmyo Flea Market, one of Seoul’s most famous thrift-shopping destinations, report a sharp drop in sales, with some saying business [...]
SEOUL, March 3 (Korea Bizwire) — South Korea’s construction industry is showing signs of severe stress across all major indicators, with permits, groundbreakings, and employment all deteriorating amid a persistent market slump that analysts warn will require fundamental strategic shifts to overcome. Construction permits, a leading indicator of industry health, fell 6.8% year-over-year to 125.89 million [...]
SEOUL, March 3 (Korea Bizwire) — South Korea’s three major battery manufacturers are broadening their product lines with new mid-nickel batteries that promise an optimal balance of cost and performance, responding to growing demand for affordable electric vehicles amid efforts to overcome the electric vehicle market’s “chasm” – a temporary stagnation in demand. SK On will [...]
SEOUL, March 2 (Korea Bizwire) — Chinese electric vehicle giant BYD is facing significant roadblocks in its South Korean expansion, with the launch of its first model, the Atto 3, delayed due to unresolved subsidy approvals. The setback has frustrated consumers who had pre-ordered the vehicle expecting deliveries last month. Industry observers suggest that BYD, struggling [...]
SEOUL, Feb. 28 (Korea Bizwire) — Jose Munoz, president and chief executive officer (CEO) of South Korea’s leading carmaker Hyundai Motor Co., has been named the most influential figure in the global automotive industry by U.S. automotive publication MotorTrend, its website showed Friday. The publication named Munoz as the 2025 MotorTrend Person of the Year, [...]
SEOUL, Feb. 28 (Korea Bizwire) — Lotte Shopping Co., an affiliate of South Korean retail giant Lotte Group, said Friday it has adopted the Taiwan LINE Pay settlement system at its discount store chain to woo Taiwanese travelers. Lotte Shopping formed a partnership with LINE Pay Taiwan Ltd. to introduce the LINE Pay system at [...]
SEOUL, Feb. 28 (Korea Bizwire) – The head of Hyundai Engineering Co. issued an apology Friday in response to a fatal collapse accident at an expressway construction site earlier this week. “A terrible accident has taken lives and injured workers at our construction site. I sincerely apologize to the bereaved families and extend my deepest [...]
SEOUL, Feb. 28 (Korea Bizwire) — KG Mobility Corp. said Friday the Rexton Sports, the company’s pickup truck model, has been named the best pickup truck of 2025 by Australian automotive publication Drive. Drive praised the model, which is exported under the name Musso, for its build quality, its long list of standard features, and [...]