SEOUL, May 17 (Korea Bizwire) – Demand is high for overseas luxury goods, particularly among younger consumers in their 20s and 30s, despite South Korea’s unrelenting economic slump. According to Lotte Department Store, sales of overseas fashion items, largely comprising of high-end brands, jumped by more than 30 percent in 2016 compared to 2015 for [...]
SEOUL, May 8 (Korea Bizwire) – Local businesses are introducing so-called “concept stores” to improve the image of their brands. Such stores include pop-up stores or traditional offline shops with in-house cafés and gardens, or retail spaces decorated with different themes to appeal to more customers. SkinFood, a cosmetics company, operates two outlets with cafés [...]
SEOUL, Jan. 19 (Korea Bizwire) – There is a sense of hierarchical bipartisanship when one visits a Korean department store; there are the VIPs, and the non-VIPs. Korean department stores have been expanding their VIP programs, targeting specifically the “haves” by either lowering the purchase requirements for the programs or introducing more VIP “levels” to [...]
SEOUL, Jan. 18 (Korea Bizwire) – Department stores are counting more on their top-spending VIP customers to keep their businesses going, sales figures indicated Wednesday, as consumption drops across all consumer segments due to the slowing economy. Retail statistics showed that a handful of high spenders continue to account for approximately 20 percent of total [...]
SEOUL, Dec. 14 (Korea Bizwire) – Customers who spend big at the country’s major department stores jumped this year, industry data showed Wednesday, despite a prolonged economic slump here. The number of wealthy customers at the four stores — Lotte Department Store, Hyundai Department Store, Shinsegae Department Store, and Galleria Department Store — jumped by [...]
SEOUL, Dec. 5 (Korea Bizwire) – South Korea’s leading department stores saw their sales of high-priced padded jackets and other premium foreign clothing brands jump in November despite a drop in overall consumption, industry data showed Monday. Industry leader Lotte Department Store said its sales of imported premium bubble jackets spiked 45 percent last month [...]
SEOUL, Nov. 25 (Korea Bizwire) – The total number of department stores operating across the country came to 100 last year, industry watchers said Friday, as more leading players are aggressively expanding and diversifying their outlets. A total of 100 department stores were operating as of the end of 2015, with the number to increase [...]
SEOUL, Nov. 22 (Korea Bizwire) – Sales of premium electronic products and foreign luxury brands outperformed the overall consumption trend in South Korea as more affluent consumers preferred differentiated products, industry officials said Tuesday. Household spending was sluggish in Asia’s fourth-largest economy, but demand for premium products and luxury goods remained strong this year. To [...]
SEOUL, Oct. 10 (Korea Bizwire) – Sales at major South Korean department stores increased during this fall’s nationwide shopping festival compared with a similar event last year as more retailers and manufacturers offered wider options for customers, industry officials said Monday. The “Korea Sale Festa” is the government-led sales event held from Sept. 29 [...]
SEOUL, Sept. 21 (Korea Bizwire) – Hyundai Department Store Co. said Wednesday it will open Seoul’s largest outlet in a new skyscraper to be built in the financial district of Yeouido by 2020. Hyundai Department Store said it has been selected as a preferred bidder to build its latest shopping facility in the new skyscraper [...]