SEOUL, Dec. 5 (Korea Bizwire) — Swedish furniture giant IKEA said Thursday that it will open its third outlet in South Korea next week as it strives to strengthen its presence in Asia’s fourth-largest economy. IKEA Korea said the 49,800-square-meter store set to open in Giheung on Dec. 12 will enhance accessibility to residents in [...]
SEOUL, Dec. 2 (Korea Bizwire) — As more people are spending time at home following the introduction of a government-mandated 52-hour workweek, an increasing number of South Korean women are building their own furniture and redecorating or renovating their homes with professional equipment. The recent trend is reportedly led by the increasing number of one-person [...]
SEOUL, Nov. 30 (Korea Bizwire) — Big-spending customers are a prime target for car companies, luxury brands, department stores and most other businesses as their purchasing can make up a huge portion of their revenues. South Korea’s department stores are elevating their VIP shopping experience by refurbishing their outlets, expanding their VIP concierge services and [...]
SEOUL, Nov. 29 (Korea Bizwire) — South Koreans in their 20s are rising as a new consumer group in pursuit of luxurious goods thanks to the popular ‘flex’ culture. LOTTE Members, operator of membership reward service L.POINT reported on Thursday that consumption of luxurious goods among the 20s age group rose by more than sevenfold [...]
SEOUL, Nov. 29 (Korea Bizwire) — The South Korean unit of U.S. retail giant Costco Wholesale Corp. has stopped providing free diced onions at its food courts. Online commentary has suggested that the move is a natural consequence of overindulgence on the part of Korean consumers, and that Costco customers had it coming for stealing [...]
SEOUL, Nov. 29 (Korea Bizwire) — South Korea’s antitrust chief gave a positive assessment of the win-win system with suppliers led by online grocery shopping platform Market Kurly. Joh Sung-wook, the chairperson of the Fair Trade Commission (FTC), met Thursday with representatives of Market Kurly and its suppliers at the company’s logistics center in Seoul’s [...]
SEOUL, Nov. 26 (Korea Bizwire) — Several major cosmetics companies were found guilty for misinforming consumers after paying influencers on social networks like Instagram to promote their products. The Fair Trade Commission (FTC) ordered seven companies including AmorePacific Corp., LG Household and Health Care Ltd, and L’Oreal Korea to pay 269 million won (US$228,740) in [...]
SEOUL, Nov. 22 (Korea Bizwire) — After a tough year, South Korea’s major retailers are tipped to log a modest improvement in their earnings next year on the back of improved business conditions and cost-cutting efforts, industry sources said Friday. This year has been the toughest ever for two homegrown retail giants, Emart and Lotte [...]
SEOUL, Nov. 21 (Korea Bizwire) — Uniqlo has sparked yet another round of controversy by distributing free Heattech shirts as part of a new marketing offensive. The Japanese apparel company, as part of its 15th Anniversary promotional event, is giving out 100,000 heat-tech shirts on a first come, first served basis to all customers purchasing [...]
SEOUL, Nov. 19 (Korea Bizwire) — With winter around the corner, sales of high-priced winter attire on home shopping channels are soaring. According to industry sources, home shopping fashion broadcasts for this year’s fall and winter season are gaining popularity due to the appearance of products priced at more than 1 million won (US$858). A [...]