SEOUL, Feb. 18 (Korea Bizwire) — Seoul’s retail sector is entering a slowdown phase as economic stagnation and reduced consumer spending take hold, according to a recent market analysis. Cushman & Wakefield Korea released its Q4 2024 Retail Market Report on Monday, forecasting that persistent inflation, a strong U.S. dollar, and rising household debt burdens [...]
SEOUL, Feb. 12 (Korea Bizwire) — Yuhan-Kimberly has verified the greenhouse gas reduction benefits of its hand towel recycling campaign, “Bicycle,” through a Life Cycle Assessment (LCA), the company announced on February 12. LCA is a comprehensive analysis method that quantifies the environmental impact of a product or service from raw material extraction through manufacturing, distribution, [...]
SEOUL, Feb. 11 (Korea Bizwire) — Faced with the worst economic downturn in 21 years, South Korean consumers are increasingly turning to supermarkets over big-box retailers, preferring to buy necessities in smaller quantities rather than bulk purchases. According to data from Statistics Korea and industry sources, total retail sales fell by 2.2% in 2024, marking [...]
SEOUL, Feb. 5 (Korea Bizwire) — TGI Fridays is set to exit the South Korean market, with its local operator, MFG Korea, announcing plans to close all remaining locations in the country. The company will shut down stores gradually as their lease agreements expire, prioritizing its focus on the Mad for Garlic restaurant brand. Currently, TGI [...]
SEOUL, Feb. 3 (Yonhap) - South Korea’s retail sales, a key indicator of private spending, fell by the most in 21 years in 2024, marking the third consecutive year of decline, despite solid industrial output, data showed Monday. Retail sales fell 2.2 percent on-year as sales of both durable and nondurable goods, particularly food, lost ground [...]
SEOUL, Feb. 1 (Korea Bizwire) — South Korea’s e-commerce giants are increasingly venturing into the luxury goods market, seeking new revenue streams amid a slowdown in industry growth over the past few years. According to industry sources, online retailer Kurly launched a luxury shopping platform in December 2024, offering 990 products from over 30 high-end brands, [...]
SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s three major department store chains said Tuesday their luxury goods sales continued to rise last year on steady demand for premium products despite an economic slowdown. Luxury goods sales at Lotte, Shinsegae and Hyundai department stores sharply increased during the 2020-2022 period when people were engaged in “revenge [...]
SEOUL, Jan. 27 (Korea Bizwire) — South Korea’s luxury department stores are increasingly reliant on high-spending VIP customers, with their contribution to total sales surpassing 50% at some retailers in 2024, reflecting a growing polarization in consumer behavior amid economic challenges. According to industry data released on January 26, VIP customers accounted for 51% of sales [...]
SEOUL, Jan. 27 (Korea Bizwire) — South Korea’s e-commerce sector saw a challenging 2024, with economic pressures leading to reduced consumer spending across platforms. Despite these headwinds and competition from Chinese e-commerce players like AliExpress and Temu, Coupang and SSG.com maintained strong customer loyalty, according to data released on January 26 by analytics firm IGAWorks. SSG.com [...]
SEOUL, Jan. 23 (Korea Bizwire) — A delayed onset of winter in South Korea has driven a surge in demand for premium bedding, with sales of goose-down and wool comforters soaring as temperatures plummeted in recent weeks. Major department stores, including Lotte, Shinsegae, and Hyundai, reported a 10% year-over-year increase in overall bedding sales from [...]