SEOUL, Apr. 13 (Korea Bizwire) — When Chung Sung-yeop opened a franchise convenience store in a commercial district of northern Seoul in 2015, there was one competing store within a 1-kilometer radius. Since then, three more convenience stores have opened within easy reach of his outlet, squeezing profits and hurting sales. “Literally, the convenience store [...]
SEOUL, Feb. 26 (Korea Bizwire) – Going by the revenues convenience store chain 7-Eleven pulled in from February 9 through 24 – the dates when key South Korean performances were held at the PyeongChang 2018 Winter Olympics – the winter sport category most rooted for was women’s curling. An analysis tracking the fluctuations in sales [...]
SEOUL, Feb. 12 (Korea Bizwire) — South Korean convenience stores are branching out into new fields as sales of cosmetics and pet products continue to increase. Nearly 95 percent of the products sold at convenience stores are food and beverages, according to industry sources, but an increasing number of convenience store chains are expanding their offerings [...]
SEOUL, Aug. 23 (Korea Bizwire) – With South Korean internet-only financial institution Kakao Bank continuing to enjoy a significant level of attention, business partner 7-Eleven is benefiting from the online bank’s popularity. In the midst of the surging popularity of Kakao Bank that is sweeping the country, 7-Eleven has emerged as the unexpected beneficiary from [...]
SEOUL, Aug. 9 (Korea Bizwire) — Despite stiff competition and declining profits, more and more convenience stores in South Korea are opening, with the number of convenience stores per head surpassing that of Japan, a country thought to be the Asian capital of the industry. According to industry sources on Tuesday, there were an estimated 34,376 [...]
SEOUL, Oct. 11 (Korea Bizwire) – Around 15 convenience stores were newly opened in South Korea everyday on average last year, a ruling lawmaker said Tuesday, urging the fair trade watchdog to seek measures to avoid excessive competition in the market. According to the data compiled by Rep. Yoo Ui-dong of the Saenuri Party, 5,508 [...]
SEOUL, Aug. 17 (Korea Bizwire) – Convenience stores in Korea are continuously evolving. On top of treats, drinks, and basic daily necessities, convenience store franchises also offer wide range of nighttime snacks and frozen food. 7-Eleven is the latest convenience store operator to upgrade its product line, announcing Tuesday that it was launching a private [...]
SEOUL, July 19 (Korea Bizwire) – Kidult or adultescent – newly coined portmanteaus that refer to adults who are interested in culture generally targeted to younger youths – have become popular marketing strategies for many retail industries. Food manufacturing companies are seeing the most benefit from targeting those with young minds. Italian confectionery company Ferrero’s Kinder [...]
SEOUL, April 4 (Yonhap) – Low-cost coffees at South Korean convenience stores are increasingly popular among price-conscious consumers, posing a threat to coffee shop franchises, industry data showed Monday. Local convenience stores have served canned coffee and instant coffee with hot water for years, but they are expanding sales of higher-quality drinks through self-serve coffee bars [...]
SEOUL, July 24 (Korea Bizwire) — Convenience store operator 7-Eleven has opened a “smart” convenience store where customers can enjoy virtual reality based on IT technologies. On the second floor of its Chinese Embassy store in Seoul’s Myeongdong, 7-Eleven placed six smart tables where customers can enjoy web surfing, gaming and watching Youtube videos in [...]