SEOUL, June 24 (Korea Bizwire) – As inflation continues to weigh heavily on South Korean households, major retailers are adopting a “reverse pricing” strategy—setting a target sale price first and working backward to meet it—reshaping how goods are planned, priced, and sold. Rather than determining prices based on production costs and margins, companies like E-Mart, [...]
SEOUL, May 28 (Korea Bizwire) – As South Korea’s wine market enters a more mature phase, expensive bottles priced over 100,000 won have been gaining popularity at major retail chains’ wine festivals, industry data shows. According to retailers, sales growth rates for wines costing over 100,000 won outpaced other price segments during the semi-annual “Super Wine [...]
SEOUL, Sept. 6 (Korea Bizwire) — Lotte Mart, one of South Korea’s major supermarket chains, will create special shopping zones for foreign visitors at its branches frequently visited by inbound travelers, its operator said Wednesday. Last month, Lotte Mart first created a 20-meter-long special shopping zone, named “Must-Haves of Korea: K-Food,” at its Seoul Station [...]
SEOUL, Nov. 12 (Korea Bizwire) — Lotte Mart announced on Sunday that it will adopt QR codes for all merchandise being sold at the store, which will allow customers to use their smartphones to access detailed information as well as customer reviews about each product. The company will also provide online ordering services to customers [...]
SEOUL, Oct. 4 (Korea Bizwire) — The inclusion of MUMUSO, a copycat of Korean stores that produces household products, in Lotte Mart’s Vietnam stores has been frowned upon by many critics. Lotte Mart Vietnam announced yesterday that MUMUSO opened up shop in its South Saigon branch in August. On its labels, the words, “KOREA” and [...]
SEOUL, May 11 (Korea Bizwire) — South Korean retail giant Lotte said Friday it has decided to sell one of its discount store units in China to a local retailer in a major step toward withdrawing from the world’s second-largest economy. Lotte Shopping Holding Hong Kong Co. will sell 100 percent of its stake in [...]
SEOUL, April 18 (Korea Bizwire) — A poodle that was kept in a coin locker for nine hours has sparked a debate over pet coin lockers at major supermarket chains in South Korea. A shopper whose name is being withheld left a dog in a pet locker on Sunday at a Lotte Mart store in Jeonju, [...]
SEOUL, April 2 (Korea Bizwire) — Japan has been a beneficiary of the strained national ties between South Korea and China over the installation of a U.S. defense missile system (THAAD), with South Korean tourists more inclined to spend their days off in the island nation rather than an unfriendly China. From January until February, [...]
SEOUL, March 22 (Korea Bizwire) — Three months into the first leg of South Korean president Moon Jae-in’s staggered plan to raise the minimum wage to 10,000 won by 2020, both those who buy and those who sell are focusing on value as prices have risen before and after the 16 percent minimum wage increase [...]
SEOUL, Mar. 19 (Korea Bizwire) — Despite the rising cost of living in South Korea, premium supermarkets are quickly gaining popularity among high-income earners, with a focus on quality over quantity. The popularity of premium products as a recent retail industry trend has inspired a number of supermarket chains including E-Mart and Lotte Mart, as market [...]