SEOUL, Aug. 22 (Korea Bizwire) – In the wake of South Korea’s pesticide egg scandal, popular unrest and indignation has fomented a change in attitudes that may not have been possible in ordinary times. As of the date of this article, none other than the president has spoken out about the need for reform. Reform [...]
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 [...]
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 [...]
SEOUL, Jul. 24 (Korea Bizwire) — Sales of locally sourced vegetables are on the rise in South Korea as an increasing number of consumers show interest in the fresher and cheaper alternatives. According to South Korean retail giant Lotte Mart, sales of locally sourced vegetable products during the first half of this year increased by over [...]
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 [...]
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 [...]
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, 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 [...]
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 [...]
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 [...]