SEOUL, May 13 (Korea Bizwire) — South Korea’s department store sector suffered a difficult first quarter as sluggish domestic consumption weighed heavily on sales and profits, with only Lotte Department Store managing to post a notable profit boost, thanks to strong performance in overseas operations and internal restructuring efforts. According to industry data released Tuesday, Lotte [...]
SEJONG, Sept. 3 (Korea Bizwire) — South Korea’s economy is showing signs of a downturn, with domestic demand struggling to gain momentum. Analysts attribute this trend to the reduction in household discretionary income, a consequence of high interest rates and inflation. According to data from the Korean Statistical Information Service (KOSIS) released on September 2, the [...]
SEOUL, March 29 (Korea Bizwire) — South Korea will temporarily exempt people from 22 visa-waiver nations, including the United States, Japan and Taiwan, from mandatory online travel permits and transit visa requirements as part of efforts to attract more foreign tourists and boost domestic demand, the finance ministry said Wednesday. These are a set of [...]
SEOUL, Dec. 17 (Korea Bizwire) — South Korea’s domestic demand for steel is forecast to hit the lowest level in 11 years in 2020 due to the fallout from the coronavirus outbreak, a trade body said Thursday. The Korea Iron & Steel Association said domestic steel demand is likely to reach the 48 million-ton range [...]