SEOUL, Jan. 5 (Korea Bizwire) — South Korea’s department store chains are reducing benefits for top-spending VIP customers as a sharp increase in the number of such customers has led to a steep increase in related expenses. According to industry sources, Lotte Department Store introduced a new VIP customer system on Monday, its first changes [...]
SEOUL, Jan. 3 (Korea Bizwire) — GS Retail Co. said Monday it will be installing foreign currency exchange kiosks at stores that are part of its convenience store chain GS25 and supermarket unit GS The Fresh. The forex kiosks will be operated on a trial basis at about 10 stores run by the company. The [...]
SEOUL, Dec. 29 (Korea Bizwire) — Retail sales in South Korea grew 8.4 percent on-year in November on the back of major shopping events and growing demand for foodstuff and other items during the World Cup, the industry ministry said Thursday. The combined sales of 25 major offline and online retailers came to 14.8 trillion [...]
SEOUL, Dec. 23 (Korea Bizwire) — E-Mart Inc.’s convenience store chain Emart24 on Friday opened its first store in Singapore, company officials said, becoming the first Korean convenience store chain to operate in the city state amid the retailer’s push for overseas expansion. The first store is located in the Jurong Point shopping center, west of [...]
SEOUL, Dec. 22 (Korea Bizwire) — South Korean confectionary maker Orion Corp. said Thursday its Vietnam subsidiary, Orion Food Vina Co., has posted over 400 billion won (US$313.8 million) in sales in the first 11 months of the year, the most since its establishment in 2005. The subsidiary posted 406.7 billion won in sales in [...]
SEOUL, Dec. 16 (Korea Bizwire) — IKEA Korea saw its sales fall this year due to the spread of COVID-19 and a drop in home sales, the first such decline after eight years of continuous growth in its South Korean operations. According to company data, the South Korean arm of the Swedish furniture maker’s sales [...]
SEOUL, Dec. 11 (Korea Bizwire) — South Korea’s antitrust regulator said Sunday it has decided to impose fines of 918 million won (US$697,000) on two local units of Pernod Ricard, a French distiller, for handing out illegal rebates to bars. The penalty on Pernod Ricard Korea and Pernod Ricard Korea Imperial came as the two [...]
SEOUL, Dec. 9 (Korea Bizwire) — Sales of Lotte Confectionery Co.’s signature chocolate brand “Ghana” surged after the South Korean men’s national football team joined the round of 16 at the Qatar World Cup with the help of Ghana losing to Uruguay by only two goals. According to industry sources, sales of Ghana chocolate products [...]
SEOUL, Dec. 8 (Korea Bizwire) — Liquor companies in South Korea are opening up a series of pop-up stores for whisky brands in order to engage with customers. Windsor Global Co., a homegrown whisky maker, announced that it will open up its first pop-up store, House of Windsor, at S-Factory, located in Seoul’s Seongdong District, from Friday [...]
SEOUL, Dec. 8 (Korea Bizwire) — American fried chicken franchise Popeyes is set to open a store in Seoul next week, two years after closing business in South Korea, its South Korean operator said Thursday. Popeyes’ U.S. operator, Restaurant Brands International Inc., agreed on a master franchise agreement with Silla Co. and is set to [...]