SEOUL, Feb. 27 (Korea Bizwire) — Retail sales in South Korea grew 4 percent on-year in January, though offline retailers saw their sales fall due to the New Year’s holiday and amid an economic slowdown, data has showed. The combined sales of 25 major offline and online retailers came to 14.7 trillion won (US$11.19 billion) [...]
SEOUL, Feb. 7 (Korea Bizwire) — South Korean department stores are enjoying a rebound in sales, as international shoppers return to the country amid eased virus restrictions. Hanwha Galleria, the department store unit of Hanwha Group, said Tuesday its luxury goods section saw sales from global customers surge more than sixfold on-year in the past [...]
SEOUL, Feb. 6 (Korea Bizwire) — Dongwon Group, a major South Korean food company, is pushing to acquire McDonald’s Korea, industry sources said Monday, in the food maker’s push to strengthen its restaurant business. Dongwon Industries Co., the holding company of the group, has been the preliminary sole bidder in the acquisition of McDonald’s Korea, [...]
SEOUL, Feb. 3 (Korea Bizwire) — South Korean convenience stores are engaging in various activities to promote eco-friendly consumption. 7-Eleven announced Thursday that it will replace all regular-sized plastic ice cups with paper cups. Following the introduction of paper ice cups in January last year, the convenience store had been offering both plastic and paper [...]
SEOUL, Feb. 2 (Korea Bizwire) — Singer Jay Park’s soju brand Won Soju will be available in New York by the early half of this year, the company said Thursday, as the K-pop singer aims for a global expansion of the traditional Korean liquor. Won Spirits Co., a soju brand founded by the K-pop singer [...]
SEOUL, Feb. 2 (Korea Bizwire) — Retail sales in South Korea rose 9.2 percent on-year in 2022 on the back of growing outdoor activities on eased social distancing rules amid the prolonged COVID-19 pandemic, the industry ministry said Thursday. The combined sales of local offline retailers rose 8.9 percent on-year from the previous year, and [...]
SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s imports of coffee beans hit a new record in 2022, data showed Tuesday, in the latest sign of the drink’s growing popularity in Asia’s fourth-largest economy. Imports of coffee beans, including both raw and roasted products, reached US$1.3 billion last year, soaring 42.4 percent from $920 million [...]
SEOUL, Jan. 30 (Korea Bizwire) — KT&G Corp., South Korea’s dominant tobacco company, said Monday it has extended its partnership with Philip Morris International Inc. (PMI) to strengthen its presence in global e-cigarette markets. KT&G and PMI have signed a 15-year supply contract, in which the former will distribute its e-cigarette product line Iil through [...]
SEOUL, Jan. 29 (Korea Bizwire) — South Korea’s imports of wine rose 3.8 percent in 2022 from a year earlier, data showed Sunday, as more people enjoyed consuming alcoholic beverages at home amid the COVID-19 pandemic. The total value of wine imported by South Korea last year came to US$581.2 million, according to the data [...]
SEOUL, Jan. 26 (Korea Bizwire) — Lotte Duty Free, the travel retailer of Hotel Lotte Co., has won a concession to operate a duty-free store at Australia’s Melbourne Airport, company officials said Thursday, as the company prepares for a boom in international travel amid a global reopening Lotte Duty Free said it will open the [...]