SEOUL, Nov. 20 (Korea Bizwire) – Costco Korea, the South Korean arm of the American wholesale giant, plans to distribute more than half of its annual net profits as dividends to its parent company, according to regulatory filings released on November 19. The company reported operating profits of 218.6 billion won for the fiscal year ending [...]
POHANG, Oct. 10 (Korea Bizwire) – The coastal city of Pohang in North Gyeongsang Province is actively pursuing Costco, the American multinational wholesale corporation, in a bid to boost its local economy and improve living conditions for its residents. However, the potential location of the store has become a topic of debate among citizens and officials [...]
SEOUL, July 14 (Korea Bizwire) — The Ministry of Employment and Labor is investigating the recent death of a supermarket worker for possible legal violations. The ministry announced that it is currently investigating the death of a 29-year-old individual who worked at the South Korean unit of U.S. retail giant Costco Wholesale Corp.’s outlet in [...]
SEOUL, Oct. 17 (Korea Bizwire) — South Korea’s leading beverage maker Hite Jinro Co. said Monday its flavored soju is being sold at 17 Costco stores in the United States amid the company’s increased efforts to penetrate the U.S. market. Since the company made its products available at the Costco Yonkers branch in New York, [...]
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, Feb. 2 (Korea Bizwire) — Membership-only warehouse Costco has been fined 200 million won for selling goods with an appearance similar in design to copyrighted items. On February 1, a Seoul district court pronounced its verdict, stating that Costco had infringed on the design rights of holder and plaintiff Kwon, and ordered the company [...]
SEOUL, Feb. 3 (Korea Bizwire) – Warehouse clubs that sell a wide variety of merchandise in large quantities were not the most popular shopping destinations for consumers 10 to 15 years ago. Despite discounted prices, the idea of shopping at a place reminiscent of a massive storage facility didn’t quite come across as a pleasing [...]
SEOUL, Dec.31 (Korea Bizwire) –The year of 2015 saw the most changes in food policies among key global food companies, according to NPR, the public broadcasting station in American media. First of all, fast food chains have switched their menu items to use organic ingredients. McDonalds announced that they will gradually eliminate the use of [...]
SEOUL, Nov.11 (Korea Bizwire) – The American membership-only warehouse club ‘Costco Wholesale Korea’ opened its online shopping mall (www.costco.co.kr) on November 10. It is the first among the Asian countries Costco has entered, and the fifth online shopping site after the U.S., England, Canada and Mexico. Customers that are Costco members who register online can [...]
YONGIN, Aug. 25 (Korea Bizwire) – Another Costco store has opened, this time in Yongin, south of Seoul. The store was crowded with customers on its opening day, with nearby streets suffering severe traffic jams as most customers used their own cars to get the store. On August 24, Costco Wholesale, a US-based membership warehouse club, [...]