SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s three major department store chains said Tuesday their luxury goods sales continued to rise last year on steady demand for premium products despite an economic slowdown. Luxury goods sales at Lotte, Shinsegae and Hyundai department stores sharply increased during the 2020-2022 period when people were engaged in “revenge [...]
SEOUL, Oct. 31 (Korea Bizwire) – In a coordinated seasonal effort, South Korea’s leading department stores are preparing to transform their spaces into festive wonderlands, with all major retailers set to reveal their Christmas decorations on December 1. Lotte Department Store announced on October 30 that it will progressively roll out its “Wonderful Showtime” themed decorations [...]
SEOUL, Nov. 21 (Korea Bizwire) – After becoming nuisances at department stores due to the growth of online shopping, young fashion brands are turning into cash cows amid an economic slump and consumption polarization. Young fashion brands, which cater to the consumption trend of the MZ generation with high cost efficiency and trendy design, are enjoying [...]
SEOUL, Nov. 6 (Korea Bizwire) – South Korea’s major department stores are turning their attention to the “vintage” trend to attract the MZ generation, those born between the early 1980s and early 2000s, who are emerging as their primary consumer base. Recognizing that the MZ generation is sensitive to value consumption and familiar with secondhand transactions, [...]
SEOUL, Oct. 4 (Korea Bizwire) – South Korea’s major department stores are showcasing a variety of ‘post-Chuseok’ marketing strategies, targeting shopping demand after the Chuseok holiday. Lotte Department Store announced on Tuesday that it will host the ‘Family Bookcance Event’ at the rooftop park of the culture center at its Cheongnyangni outlet on October 7. Hammocks, [...]
SEOUL, July 10 (Korea Bizwire) — South Korea’s major department stores are turning to the food business as part of efforts to defend against deteriorating performance resulting from an economic slump and contraction in consumption. Shinsegae Department Store has launched a complete renovation of the food court in its Gangnam outlet for the first time [...]
SEOUL, June 28 (Korea Bizwire) – South Korea’s department store chains have been opening a series of pop-up stores to showcase new and captivating products, positioning themselves as trendsetters for individuals in their 20s and 30s. Hyundai Seoul solidified its trendsetting status by launching over 250 pop-up stores last year, attracting more than 2 million [...]
SEOUL, Feb. 7 (Korea Bizwire) — South Korean department stores are enjoying a rebound in sales, as international shoppers return to the country amid eased virus restrictions. Hanwha Galleria, the department store unit of Hanwha Group, said Tuesday its luxury goods section saw sales from global customers surge more than sixfold on-year in the past [...]
SEOUL, Jan. 5 (Korea Bizwire) — South Korea’s department store chains are reducing benefits for top-spending VIP customers as a sharp increase in the number of such customers has led to a steep increase in related expenses. According to industry sources, Lotte Department Store introduced a new VIP customer system on Monday, its first changes [...]
SEOUL, Nov. 10 (Korea Bizwire) — Department stores have reported strong sales thanks to the increase in outdoor activities resulting from the lifting of social distancing rules, but smaller stores have seen their sales stagnate. The nation’s retail sales amounted to 408.4 trillion won in the January to September period of this year, up 7.4 [...]