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Egg Sales in South Korea Drop Amid Contamination Scandal

Egg Sales in South Korea Drop Amid Contamination Scandal

SEOUL, Aug. 21 (Korea Bizwire) – Sales of eggs in South Korea sharply declined last week amid safety concerns sparked after eggs from local farms were found to be contaminated with banned chemicals, industry data showed Sunday. Egg sales at the country’s largest discount store chain E-Mart from Wednesday to Saturday declined 40 percent compared to the same period the previous week, its operator E-Mart Inc. said. Lotte Mart, another [...]

Robot Taekwon V Action Figures a Big Success

Robot Taekwon V Action Figures a Big Success

SEOUL, Jul. 26 (Korea Bizwire) — Sales of Robot Taekwon V action figures surpassed expectations only hours after a major retail chain in the country began taking pre-orders for the collectibles of South Korea’s beloved character. According to Lotte Mart, which runs Toys“R”Us where the action figures of the popular robot character are being sold, over [...]

Lotte Continues to Suffer Heavy Losses Over THAAD Deployment

Lotte Continues to Suffer Heavy Losses Over THAAD Deployment

SEOUL, Jun. 13 (Korea Bizwire) — Despite the newly-elected South Korean government’s efforts to work with China, the deployment of a THAAD missile defense system at home continues to haunt South Korean companies operating in their neighbor across the Yellow Sea, particularly Lotte. According to Lotte officials and other diplomatic sources, Chinese authorities have once [...]

Lotte Shopping’s Cinema Business to be Spun Off Into Separate Company

Lotte Shopping’s Cinema Business to be Spun Off Into Separate Company

SEOUL, June 8 (Korea Bizwire) – Lotte Shopping Co., the retail unit of Lotte Group, said Thursday its cinema department will be hived off later this year, a move it says will boost each unit’s business competitiveness. During a regular board meeting Thursday, the members approved the plan to spin off the company’s cinema business [...]

South Korean Trade Commission Taking Supermarkets to Court Over Deceptive ‘Buy One Get One Free’ Deals

South Korean Trade Commission Taking Supermarkets to Court Over Deceptive ‘Buy One Get One Free’ Deals

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 [...]

Lotte’s Losses in China Compounded by Payment to Local Workers

Lotte’s Losses in China Compounded by Payment to Local Workers

SEOUL, Apr. 21 (Korea Bizwire) — Losses incurred by South Korean retail chain Lotte Mart from business suspensions in China are being compounded by salary payments to local employees, industry sources said Thursday. Lotte Mart, a highly successful affiliate of Lotte Group, had to temporarily close 74 of its 99 shops in China in February [...]

Lotte Faces Extended Business Suspension in China over THAAD Woe

Lotte Faces Extended Business Suspension in China over THAAD Woe

SEOUL, April 7 (Korea Bizwire) – South Korean retail giant Lotte Group’s Chinese retail operations are facing a protracted business suspension as Chinese authorities are expected to extend punitive measures for an additional month in retaliation for Seoul’s decision to deploy a U.S. missile defense system, industry sources said Friday.  According to Lotte, 41 out [...]

Lotte Doubles Down on Pandering to Chinese as Last Resort to Little Avail

Lotte Doubles Down on Pandering to Chinese as Last Resort to Little Avail

SEOUL, March 28 (Korea Bizwire) – As desperate times call for desperate measures, South Korean conglomerate Lotte is doubling down on its all-out efforts to pander to the Chinese market after 87 Lotte Mart stores were shut down by the Chinese government. Lotte’s unexpected move to send its Chinese consumers a message of understanding and [...]

Warehouse Clubs Record Impressive Growth amid Economic Hardships

Warehouse Clubs Record Impressive Growth amid Economic Hardships

SEOUL, Feb. 3 (Korea Bizwire) – Warehouse clubs that sell a wide variety of merchandise in large quantities were not the most popular shopping destinations for consumers 10 to 15 years ago.  Despite discounted prices, the idea of shopping at a place reminiscent of a massive storage facility didn’t quite come across as a pleasing [...]