SEOUL, Feb. 20 (Korea Bizwire) – Some 800,000 small businesses open shop annually, but about half of them go bankrupt within two years, statistics showed Monday. A report released by Statistics Korea said that among businesses that started in 2013, 62.4 percent were still in operation a year later. The rate fell to 47.5 percent [...]
SEOUL, Feb. 7 (Korea Bizwire) – With only a week remaining until Valentine’s Day, demand is soaring for restaurants and hotels, and, of course, the traditional chocolates. According to industry watchers, hotels started promoting special overnight packages a while ago, and many have already been sold out. Among the (luxury) hotel and restaurant options is [...]
SEOUL, Dec. 14 (Korea Bizwire) – The launch of Shake Shack’s first Korean franchise on the main thoroughfare in Gangnam was met with unparalleled success, with the restaurant attracting an average of 3,000 visitors each day. The local operator of the franchise, SPC Group, is hoping to keep the momentum afloat by opening a second [...]
SEJONG, Nov. 17 (Korea Bizwire) – South Korea’s restaurant business fell into its severest slump in five years in September, state statistics showed Thursday, beaten by a protracted economic slowdown and worsened by an overcrowded market. The production index for restaurants in the month fell to 85.2, the lowest since 83.9 of September 2011, according [...]
SEOUL, Nov. 17 (Korea Bizwire) – Food and snack companies are reaching out to consumers through face-to-face encounters at cafes and restaurants, and reaping multiple benefits of upgrading their company image, testing new products and increasing sales, industry officials said Thursday. Binggrae in March gave its Banana-flavored Milk, a product that has survived for 40 [...]
SEOUL, Nov. 7 (Korea Bizwire) – Michelin Guide on Monday announced its highly regarded star selections for 24 restaurants in Seoul, giving the much-coveted three stars to two Korean restaurants with unique cuisine and quality service. In the first Michelin Red Guide for Seoul, Gaon, a fine Korean restaurant operated by ceramic maker Kwangjuyo, and [...]
SEOUL, Oct. 19 (Korea Bizwire) – Lower-priced meal sets have been gaining popularity at restaurants run by major South Korean hotels as more customers shy away from expensive meals following the implementation of a draconian anti-graft law, sources said Wednesday. The law, which took effect on Sept. 28, bans public servants, educators and journalists from [...]
SEOUL, Sept. 28 (Korea Bizwire) – Less than one-third of small enterprises survive past five years, the toll heaviest on finance and insurance businesses, a report showed Wednesday. According to the Small and Medium Business Administration which submitted the report to the parliamentary trade committee, only 29 percent of small-scale enterprises that opened in 2008 [...]
SEOUL, Sept. 12 (Korea Bizwire) – South Korea’s leading talent agency SM Entertainment is going to Japan with its restaurant business that has drawn unexpected success at home, company officials said Monday. SM aims to open “SMT Tokyo,” the Japanese branch and the first overseas version of SMT Seoul, within six months, according to the [...]
SEOUL, Aug. 17 (Korea Bizwire) – Department store restaurants have long been a lucrative business. Accommodating hundreds of weary shoppers every day, they have sometimes been referred to as a ‘goose that lays a golden egg’. However, opening such a restaurant had been a near-impossible task without deep connections to the store’s higher-ups, until recently. [...]