SEOUL, June 5 (Korea Bizwire) — South Korea’s offline retail industry is actively pursuing a breakthrough as a lifestyle platform amidst the continuous expansion of online commerce. Leading health and beauty (H&B) store operator CJ Olive Young recently introduced separate liquor sales counters at major outlets, including Gangnam and Euljiro in Seoul. Initially, CJ Olive [...]
SEOUL, March 14 (Korea Bizwire) — South Korean construction firms are turning towards new ventures in the environment and energy sectors amid worsening profitability in the housing market. SK Ecoplant Co., which underwent a corporate name change from SK Engineering & Construction Co. in 2021, is pursuing new ventures such as waste battery recycling, bio [...]
SEOUL, Feb. 28 (Korea Bizwire) — South Korea’s food companies are launching into the pharmaceutical and biotech industries as part of efforts to ensure sustainable business growth. Dongwon Industries Co. has signed an initial agreement with Boryung Partners last week over its possible takeover of Boryung Biopharma Co. Under the memorandum of understanding, the canned [...]
SEOUL, May 18 (Korea Bizwire) – South Korea’s oil refining industry enjoyed record-high first quarter results thanks to an improvement in oil-refining margins resulting from soaring oil prices. Nonetheless, the industry remains cautious due to the boomerang effect of what are now sky-high prices. A spike in oil prices, in general, leads to an increase [...]
SEOUL, Jan. 25 (Korea Bizwire) — Almost half of South Korean startups have chosen North America as their first overseas market and more than half of these companies have set up headquarters overseas, a trade investment promotion agency said Monday. The Korea Trade-Investment Promotion Agency (KOTRA) conducted a survey of 198 startups with one or [...]
SEOUL, Nov. 24 (Korea Bizwire) — A variety of businesses from various sectors are making forays into the cosmetics market with entry barriers dropping, amid expectations that they could create a synergy effect through combination with their existing businesses. According to the Ministry of Food and Drug Safety, the number of cosmetics sellers that acquired [...]
SEOUL, Oct. 14 (Korea Bizwire) — South Korea’s franchise industry showed a clear sign of polarization by business type last year, a corporate tracker said Wednesday. CEO Score analyzed the change in the number of franchise stores and the financial performance of franchise headquarters over the past three years for the nation’s 233 major franchise [...]
SEOUL, Sept. 7 (Korea Bizwire) — An increasing number of companies are using data instead of ‘guts’ to do business with the introduction of various services that analyze sales and market trends. Last February, major South Korean credit card issuer Samsung Card Co. introduced LINK Partner, a service that collects and analyzes customer payment data [...]
SEOUL, Sept. 6 (Korea Bizwire) — Chinese subsidiaries of South Korean firms saw their sales sink nearly 7 percent in 2020 from four years earlier due to their dropping market share in the world’s second-largest economy, data showed Monday. Combined Chinese sales of 30 out of South Korea’s top 100 companies came to 117.1 trillion [...]
SEOUL, July 27 (Korea Bizwire) — With the implementation of the highest Level 4 social distancing restrictions for Seoul metropolitan area resulting in a plunge in night sales, an increasing number of South Korean restaurants are focusing instead on attracting customers during the day. A franchise Chinese restaurant in Yeouido, Seoul’s financial district, started providing [...]