SEJONG, Dec. 29 (Korea Bizwire) – The government is expected to approve the opening of new duty-free shopping centers in Seoul and Jeju Island next year to cater to growing tourist demand, officials sources said Monday. The government sources said that if approval is given for the shopping centers in the capital city, it would mark [...]
SEOUL, Dec 26 (Korea Bizwire) – As the government raises the cigarette price by 80 percent effective on January 1 next year, most of the cigarette brands will be subject to a 2,000-won-a-pack increase to 4,500-4,700 won. But some of the brands sold by foreign tobacco companies that have not submitted a price change report with [...]
SEOUL, Dec. 24 (Korea Bizwire) – The duty free shop at Incheon International Airport accumulated more than 2 trillion won (US$1.8 billion) in sales this year, ranking first in the world. The Incheon International Airport Corporation (IIAC) announced that as of December 17, the sales volume of its duty free shop broke 2 trillion won for the [...]
“It took 40 minutes to park and took another 40 minutes to 1 hour to get into the store.” “I saw ambulances waiting in front of the store as too many people flocked to the opening day.” “There were more people crowded inside the sales floor. I waited more than 30 minutes to use the [...]
SEOUL, Dec. 16 (Korea Bizwire) — Six large retailers including Lotte Mart, E-Mart and Home Plus filed a petition against two Seoul districts, claiming that the ordinances restricting operating hours or mandating the closure of supermarkets every other Sunday were discriminatory. On December 12, Seoul High Court ruled in favor of the plaintiffs, saying that the ordinances [...]
SEOUL, December 15 (Korea Bizwire) – Daiso, Korea’s price-point retailer chain, announced that its annual sales surpassed the 1 trillion won (US$ 905 million) mark in 2014. This figure set a new annual sales record for the company, which opened its first variety store, ‘Asco Even Plaza’, in 1997. Daiso stores offer 30,000 household products, most of [...]
SEOUL, Dec. 9 (Korea Bizwire) – When it comes to Korean products, consumers living in China and Southeast Asian countries are most fond of kitchen appliances. Hurom slow juicers, Lock & Lock sealed containers and Ocoo double boilers have been best sellers in overseas markets this year. GS Shop, a Korean home shopping company, announced [...]
SEOUL, Dec. 3 (Korea Bizwire) – As the popularity of Honey Butter Chips increases, tie-in sales are becoming more frequent. A grocer combined a box of sweet potatoes with a bag of the Korean-style potato chips. Some sellers bundled various cookies, chocolates and the chips into a plastic bag in an effort to sell other [...]
SEOUL, Dec. 2 (Korea Bizwire) – Korean management agency KeyEast and Pandakorea.com, which sells Korean products to foreigners, have joined hand in hand to expand their business in the Chinese market. The star agency for many Korean actors and actresses including Kim Su-hyun, Bae Yong-jun and Han Ye-seul decided to invest 3.3 billion won, equivalent to [...]
SEOUL, Nov. 25 (Korea Bizwire) – The Korean Fair Trade Commission has set out to investigate the pricing policy of IKEA following a controversy surrounding large price differences charged by the furniture giant in Korea and elsewhere. Chang Deok-jin, director in charge of consumer protection with the Fair Trade Commission, said on November 24 in a press [...]