SEOUL, Mar. 28 (Korea Bizwire) — Sales of masks and other products that can mitigate the effects of fine dust have skyrocketed amid rising concerns over deteriorating air quality in the country, local retailers said Wednesday. Sales of masks at GS25, one of South Korea’s leading convenience store chains, from Saturday to Monday jumped 914.5 [...]
SEOUL, Mar. 27 (Korea Bizwire) – Concerns are growing after media outlets reported that the price of new drugs developed in the U.S. could spike as a result of a renegotiated free trade agreement. According to the Ministry of Trade, Industry and Energy, South Korea agreed to revise its pharmaceutical pricing and reimbursement policy to give [...]
SEOUL, March 27 (Korea Bizwire) — South Korean hypermarket Homeplus said Tuesday it will push to join a European distribution network in a move to ensure customers have access to quality goods at lower prices. The second-largest retailer in South Korea has already worked with the European distribution network whose combined annual sales are worth [...]
SEOUL, March 26 (Korea Bizwire) – JD Sports Fashion PLC, a major British sports fashion retailer, will open its first Korean store in Seoul next month as part of its overseas expansion drive, its local unit said Monday. The new store will open in the affluent Gangnam district on April 13, marking the firm’s first inroad into the Northeast Asian market, according to JD Sports Fashion Korea, a joint venture set up by the British firm [...]
SEOUL, March 23 (Korea Bizwire) — Manufacturers of portable oxygen canisters will be obligated to submit test results proving their safety and effectiveness, starting November 1, when applying for the license to sell them, the Ministry of Food and Drug Safety (MFDS) said Friday. The producers of the oxygen canisters are required to show that [...]
SEOUL, March 22 (Korea Bizwire) – Aekyung Industrial Co., a South Korean household goods and cosmetics maker, debuted on the Seoul bourse Thursday, trading above its initial public offering (IPO) price. Shares of Aekyung Industrial were trading at 30,950 won (US$29) as of 11:20 a.m., slightly above the IPO price of 29,100 won. Its market capitalization was 811 billion won. The company said it aims to [...]
SEOUL, March 22 (Korea Bizwire) – The operator of Incheon International Airport and small duty-free shop operators are at odds over rental fees for concessions at South Korea’s main gateway, industry sources said Thursday. The small and medium-sized operators of duty-free stores at the airport’s Terminal 1 have recently demanded the Incheon International Airport Corp. cut their rent by 37.5 percent, far above the 27.9 percent cut offered by the [...]
SEOUL, March 22 (Korea Bizwire) — Luxury fashion brands including Louis Vuitton and Hermès have continued to jack up the prices of their products in South Korea, raising eyebrows among consumers. According to industry sources on Wednesday, some Louis Vuitton items have seen price hikes at duty free shops this month, following earlier price increases late [...]
SEOUL, Mar. 19 (Korea Bizwire) — Despite the rising cost of living in South Korea, premium supermarkets are quickly gaining popularity among high-income earners, with a focus on quality over quantity. The popularity of premium products as a recent retail industry trend has inspired a number of supermarket chains including E-Mart and Lotte Mart, as market [...]
SEOUL, Mar. 19 (Korea Bizwire) — South Korea’s retail industry is introducing quick delivery of fresh and frozen foods through phone orders, targeting single and double-income households, industry sources said Monday. Homeplus said more than 70 outlets across the country have adopted the service in which clients can buy fresh and frozen foods using their [...]