SEOUL, Nov. 30 (Yonhap) — South Korea’s three leading department store operators will not open new branches in the next two years as local consumers increasingly opt for online shopping, industry sources said Thursday. Lotte, Hyundai and Shinsegae, which account for 80 percent of the department store market in South Korea, have no plans to [...]
SEOUL, Aug. 26 (Korea Bizwire) — Recent government data has revealed that accidents involving slipping and falling on escalators tend to happen more frequently when it rains. According to the Ministry of Public Administration and Security, there were 163 escalator-related accidents between 2013 and 2016, with four fatalities and 209 serious injuries. Among the incidents, [...]
SEOUL, Feb. 22 (Korea Bizwire) – Chinese travelers have emerged as one of the few bright spots for Korean department stores suffering from dull domestic consumption, prompting an all-out fight to attract deep-pocketed clients, industry officials said Monday. Sales at department stores inched down 0.4 percent on-year to 29.22 trillion won (US$23.69 billion) in 2015, [...]
SEOUL, Feb. 1 (Korea Bizwire) - South Korean department stores will start offering instant tax refund services to foreign customers starting in February as part of an effort to boost sales, market watchers said Sunday. Under the new program, foreigners can buy products without paying the mandatory 10 percent value-added tax (VAT) if the item costs [...]
SEOUL, Sept. 25 (Korea Bizwire) — Department stores are undergoing big changes, with specialized retailers or service providers like barbershops and paint shops making appearances inside their spaces. These special shops are appearing as popup stores rather than taking up permanent residence in department stores. The phenomenon is the result of retailers choosing popup stores [...]
SEOUL, April 8 (Korea Bizwire) – It is commonly known that the department stores are the exclusive domain of women. However, the fact is that Korean men also enjoy shopping at luxurious stores, and their numbers are increasing. In addition, as more women are turning to overseas direct purchases or online shopping malls, retail giants [...]
SEOUL, Jan. 20 (Korea Bizwire) – As the growth of existing distribution channels such as department stores and big box discount stores reaches its limit, Korean retailers are rushing to open duty-free shops in an attempt to find new sources of revenue. According to industry experts, with the government planning to set up four more large-scale [...]
SEOUL, Jan. 5 (Korea Bizwire) – Sales by VIP customers were a rare source of growth last year for South Korean department stores that are losing shoppers to mobile and overseas channels, data showed Monday. Sales generated by customers who spend more than 20 million won (US$18,025) a year jumped 21 percent on-year in the [...]