SEOUL, Jan. 27 (Korea Bizwire) — South Korea’s luxury department stores are increasingly reliant on high-spending VIP customers, with their contribution to total sales surpassing 50% at some retailers in 2024, reflecting a growing polarization in consumer behavior amid economic challenges. According to industry data released on January 26, VIP customers accounted for 51% of sales [...]
SEOUL, Jan. 3 (Korea Bizwire) — Ashley Queens and Outback Steakhouse, two leading casual dining chains in South Korea, have achieved a retail milestone by establishing locations in all three major department store groups – Lotte, Shinsegae, and Hyundai – marking the first time both restaurants have accomplished this feat. According to industry sources, Eland Eats [...]
SEOUL, Aug. 19 (Korea Bizwire) – As South Korean department stores struggle with sluggish consumer spending due to high inflation, sports merchandise sections have become an unexpected source of growth. According to reports from the country’s three major department store chains on August 18, sales in their sports categories increased by approximately 10% in the first [...]
SEOUL, Aug. 13 (Korea Bizwire) – In a strategic shift to combat the migration of shoppers to online platforms, South Korean department stores are engaged in a fierce competition to introduce exclusive international cafes and dessert shops to the local market. Social media platforms are abuzz with posts from eager patrons flocking to newly opened establishments [...]
SEOUL, Jan. 8 (Korea Bizwire) –In a bold move to overcome fierce economic headwinds, department stores and large supermarkets in South Korea are focusing on improving their offline presence, increasing experiential content in their stores to prolong customer visits and boost sales. According to industry insiders, the strategy to encourage longer stays aims to transform [...]
SEOUL, May 23 (Korea Bizwire) — Lotte Department Store said Monda it will open a pop-up store showcasing a variety of merchandise from the National Museum of Korea. The pop-up store will be located in one of the basement levels of the department store’s Myeongdong branch. It will offer approximately 200 different kinds of merchandise [...]
SEOUL, May 3 (Korea Bizwire) — South Korea’s department store chains are going all-out to attract male consumers who have emerged as big spenders recently. Shinsegae Department Store’s Gangnam branch, which has the highest sales among domestic department stores, remodeled its men’s section at the end of last month to target the “MZ generation,” a [...]
SEOUL, March 8 (Korea Bizwire) — Department store chains are jumping into the art market as more consumers are going beyond exhibiting artworks to collecting and investing in them. Coupled with the rising trend of home decoration, the art market is sizing up rapidly. Lotte Department Store has been selling artworks at six stores since [...]
SEOUL, Nov. 29 (Korea Bizwire) — South Korean department store chains will be hosting a series of animal protection campaigns. From Dec. 3 to 5, Hyundai Department Store will be receiving donations of used transparent plastic bottles as part of its campaign to protect Eurasian otters, an endangered species. The store will donate 2,000 won [...]
SEOUL, March 9 (Korea Bizwire) — South Korean department store chains saw their sales exceed pre-coronavirus levels last weekend. The warm weather of spring, coupled with ongoing vaccinations, is seen to have burst the urge for consumption withheld for the last 12 months. On the weekend of March 5-7, Hyundai Department Store saw a 109.8 [...]