SEOUL, Oct. 31 (Korea Bizwire) – Local furniture shops in Goyang are reporting sales drops after global furniture giant IKEA recently opened a new store in the city. Numerous media outlets have reported that the historical furniture shopping complex in Goyang, also one of the biggest in the country, has been hit hard by the new [...]
SEOUL, Oct. 19 (Korea Bizwire) — Global furniture giant IKEA opened its second store in South Korea on Thursday, joining competition with small and big rivals in the region. The new outlet in Goyang in the northwestern outskirts of Seoul is located on the second and third floor of a four-story building. A separate outlet [...]
SEOUL, Aug. 29 (Korea Bizwire) — Global furniture giant IKEA said Tuesday it will open its second store in South Korea in October, as it aims to tap deeper into the country’s home furnishing industry. The new outlet in Goyang in the northwestern outskirts of Seoul — a four-story building with three underground floors — [...]
SEOUL, Aug. 7 (Korea Bizwire) — Hanssem, an interior and lifestyle company, said Monday it will open its first Chinese branch in Shanghai this week to compete in the 740 trillion-won (US$656 billion) market. The two-story Hanssem Shanghai Flagship Store will open Tuesday in the Changning District. The store will cover some 13,000 square meters, [...]
SEOUL, June 22 (Korea Bizwire) – It’s been a good year for IKEA Korea as the Swedish furniture giant is set to top its sales from last fiscal year. IKEA, since the opening of its Gwangmyeong store in December 2014, has reshaped the landscape of the country’s furniture industry, with the Gwangmyeong branch becoming the company’s [...]
SEOUL, June 3 (Korea Bizwire) – There is a strange culture among South Koreans in which the higher the price is, the better the product sells. For years, the South Korean media and a good portion of consumers have noticed and questioned this absurd trend in a country that has been hit by record high [...]
SEOUL, March 15 (Korea Bizwire) – DIY products are appealing to more and more South Korean consumers who have grown to seek individuality, and are now becoming popular in unconventional products like cosmetics or fashion items. Local cosmetics brand Etude House launched this month a lipstick product dubbed “Dear My Glass Tinting Lips-Talk” which comes [...]
GWANGMYEONG, South Korea, Dec. 15 (Korea Bizwire) – December 18 will mark the second anniversary of IKEA’s launch in the Korean market. According to the company, its Korean operations have been a success so far. Annual turnover for the 2016 fiscal year (September 2015 – August 2016) was 345 billion won ($292.3 million), while this [...]
SEOUL, Nov. 10 (Korea Bizwire) – Leading furniture makers in South Korea are seeking ways to tap into the overseas market to find new growth engines beyond the saturated domestic market amid sluggish consumption, industry officials said Thursday. Major furniture markers have generated most of their revenue from the domestic market, but they have been [...]
SEOUL, Sept. 23 (Korea Bizwire) – Following the September 9 recall of 15 dressers after criticisms that they’re prone to tipping over, the Swedish furniture giant said Thursday that it had halted sales of an additional 15 dressers in the Korean market. During a press conference held in Seoul, IKEA Korea CEO Andre Schmidtgall said [...]