SEOUL, Jul. 13 (Korea Bizwire) — Retail giant Shinsegae said Thursday it will invest 300 billion won (US$263 million) over the next three years to help its loss-making convenience store business cope with the rapidly growing market. Shinsegae, which tapped into the convenience store market in 2014 with an acquisition, has been suffering from losses [...]
SEOUL, Jul. 9 (Korea Bizwire) — South Korea’s No. 1 discount retail outlet E-Mart said Sunday that it will expand work with a leading K-pop agency to market products that can attract young shoppers. The chain store, a key affiliate of retailer Shinsegae Group, said it will create 49 everyday products in cooperation with SM [...]
SEOUL, Jul. 7 (Korea Bizwire) — Bananas were the most sold fruit in the first half of the year, according to leading retail giant E-mart on Friday, replacing the longtime favorite apples. E-Mart said it sold 37.6 billion won (US$32.48 million) worth of bananas in the January-June period, up 8.7 percent from the same period [...]
SEOUL, June 9 (Korea Bizwire) – E-Mart revealed on Wednesday the future opening of its “No Brand Win-Win Store” in Anseong Traditional Market in the city of Anseong. The new venture, part of a collaboration with Anseong City, is expected to share retail space with Hwain Mart on the first level of Anseong Traditional Market. On the [...]
SEOUL, June 7 (Korea Bizwire) – South Korean retail giant Lotte will not be abandoning its businesses in China, which have been reeling from apparent retaliation after the company provided the South Korean government with land for a new THAAD anti-missile system. A Lotte official in China said Wednesday that “there is no change in [...]
SEOUL, Jun. 1 (Korea Bizwire) — The de facto head of Shinsegae Co., South Korea’s leading retailer, confirmed Wednesday that the company is pulling its discount chain unit out of China. Shinsegae Vice Chairman Chung Yong-jin told reporters of the pullout at a job exhibition held in Ilsan, northwest of Seoul. Local media have reported [...]
SEOUL, May 9 (Korea Bizwire) – The Korea Fair Trade Commission (FTC) is mounting a legal challenge against South Korean retail giants including E-mart, Lotte Mart, and Homeplus over their misleading ‘buy one, get one free’ deals, after reports emerged accusing the supermarket chains of doubling the original price of products to deceive consumers. The FTC [...]
SEOUL, May 4 (Korea Bizwire) – E-Mart Inc., South Korea’s largest discount outlet chain by revenue, is closing down its business in China two decades after it first entered the country, the company said Tuesday, as widening losses and worsening business conditions stemming from a diplomatic standoff have left the company with little leeway for [...]
SEOUL, April 24 (Korea Bizwire) – Cash payments fell to less than half of all payments at a major convenience store chain in 2016 as a growing number of people used credit, debit and other cards, the chain said Sunday. It is the first time that card payments have exceeded 50 percent of the total at any convenience store chain, CU said. Card payments at CU outlets rose to [...]
SEOUL, March 24 (Korea Bizwire) – Sales of jelly dessert products are booming, particularly among Koreans over 40, a new market research report published yesterday found. The market for jelly desserts grew by 54 percent on year last year, amounting to 153.3 billion won, according to AC Nielson Korea. This year, the market is expected to [...]