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Archive by category Retail & Consumer

Shinsegae Unveils ‘The Heritage’ at Historic Myeong-dong Bank Site, Blending Luxury Retail with Korean Cultural Legacy

SEOUL, April 9 (Korea Bizwire) — In a landmark transformation fusing history, architecture, and high fashion, Shinsegae Department Store has unveiled The Heritage, a luxury boutique complex housed in the meticulously restored former head office of Korea’s First Bank in central Seoul’s Myeong-dong district. The neoclassical building, originally constructed in 1935 and designated as Seoul City [...]

Financial Watchdog Raises Questions over Homeplus Debt Sale, Urges MBK Partners to Share Pain

SEOUL, April 1(Korea Bizwire) — The country’s financial watchdog on Tuesday raised questions over the circumstances surrounding Homeplus Co.’s debt sale and filing for court rehabilitation and called on private equity firm MBK Partners Ltd. to be more responsible for the retailer’s fiasco. The Financial Supervisory Service (FSS) has been inspecting MBK Partners, which controls [...]

Quick Commerce War Heats Up as Retail Giants Reenter the Game

SEOUL, March 31 (Korea Bizwire) — South Korea’s quick commerce (or “Q-commerce”) market—defined by delivery times under an hour—is rapidly expanding as major players including Emart, Naver, and Daiso aggressively enter the fray, intensifying competition in the nation’s retail and e-commerce sectors. Emart, the country’s largest hypermarket chain, has quietly rejoined the Q-commerce arena after [...]

Watchdog Chief Urges MBK Partners to Share ‘Pain’ over Homeplus Fiasco

SEOUL, March 26 (Korea Bizwire) – The chief of the country’s financial watchdog called on private equity firm MBK Partners Ltd. to be more responsible for the recent Homeplus fiasco Wednesday. Since last week, the Financial Supervisory Service (FSS) has been inspecting MBK Partners to look into whether there have been any flaws in the [...]

S. Korea to Ease Duty-free Regulations for Alcohol Purchases on Jeju Island

SEOUL, March 21 (Korea Bizwire) — The finance ministry said Friday it will ease restrictions on duty-free alcohol purchases for local tourists visiting the southern resort island of Jeju. Under the revised regulations, the current two-bottle limit will be removed, while the overall allowance remains at up to 2 liters of duty-free alcoholic beverages, with [...]

Financial Watchdog Inspects Troubled Homeplus over Potential Accounting Flaws

SEOUL, March 21 (Korea Bizwire) — South Korea’s financial watchdog said Friday it will look into whether Homeplus Co. has violated accounting rules as speculation mounts over the retailer’s controversial short-term debt sale. The Financial Supervisory Service (FSS) said it will inspect to verify whether the retailer, wholly owned by private equity firm MBK Partners [...]

Coupang Ranked Second Among World’s Most Innovative Retail Companies by Fast Company

SEOUL, March 20 (Korea Bizwire) — South Korean e-commerce giant Coupang Inc. has been named the world’s second most innovative retail company by the U.S. business magazine Fast Company, the company announced Wednesday. The annual Fast Company list highlights the top 10 most innovative retail companies and features 609 global businesses across 58 categories, including [...]

IKEA to Open 1st Outlet in Seoul, 5th in S. Korea

SEOUL, March 17 (Korea Bizwire) — Swedish furniture giant IKEA said Monday it will open its first outlet in Seoul and fifth in South Korea next month amid efforts to boost its sales in Asia’s fourth-largest economy. IKEA advanced to South Korea with its first outlet in Gwangmyeong, just south of Seoul, in 2014, and [...]

S. Korean Food Giants Ramp Up Global Expansion Amid Booming K-Food Demand

SEOUL, March 17 (Korea Bizwire) — As the global appetite for K-food continues to grow, South Korean food companies are accelerating their overseas expansion, aiming to reduce reliance on the domestic market and tap into high-growth international sectors. Among them, Samyang Foods has emerged as a standout, propelled by the overseas success of its Buldak [...]

South Korea Designates Official Days for Medical Devices and Cosmetics, Introduces Regulatory Reforms

SEOUL, March 14 (Korea Bizwire) — South Korea has designated May 29 as “Medical Device Day” and September 7 as “Cosmetics Day” as part of broader legislative reforms aimed at strengthening industry oversight and public awareness. The Ministry of Food and Drug Safety announced on Thursday that the National Assembly passed amendments to six laws, [...]