SEOUL, Feb. 10 (Korea Bizwire) — The South Korean retail industry may suffer larger losses from the novel coronavirus than the Middle East Respiratory Syndrome (MERS) in 2015, analysts said Monday, citing the new virus’ high rate of infection and tightened quarantine efforts. “The new coronavirus may have a lower fatality rate compared with MERS, [...]
SEOUL, Jan. 8 (Korea Bizwire) — South Korean retail industry is paying attention to wine to somehow attract consumers who are engrossed with their smartphones to brick-and-mortar stores. Wine consumption has been on a steady rise for years. Moreover, selling alcoholic beverages online is illegal in South Korea. In response, the industry is using a [...]
SEOUL, Oct. 24 (Korea Bizwire) – Competition between domestic and overseas online retail companies is unfair, and industry support systems need to be overhauled to preempt the global e-commerce market, according to a recent study. According to a report commissioned by the Korea Economic Research Institute to Prof. Jung Yeon-sung of Dankook University, obstacles to the development [...]
SEOUL, May 7 (Korea Bizwire) – The price war between online and offline retailers, which started at the beginning of this year, is intensifying. As Emart Inc., retail giant Shinsegae’s supermarket chain operator, declared a “price for the public” strategy against Coupang, which has always been leading the price competition in the online retail industry [...]
SEOUL, Apr. 2 (Korea Bizwire) — South Korean mobile carrier SK Telecom Co. said Tuesday it will collaborate with retail giant Shinsegae to develop a next-generation retail business model based on 5G and an advanced ICT platform. SK Telecom and Shinsegae I&C Co., Shinsegae’s IT subsidiary, signed a memorandum of understanding to develop a new [...]
SEOUL, Sept. 17 (Korea Bizwire) — GS Retail Co., a major South Korean retailer, said it opened a “smart convenience store” using a face recognition system and other technologies Monday amid local retail firms’ race to automation. The company launched its convenience store chain GS25 outlet at the headquarters of LG CNS, the information technology [...]
SEOUL, Sept. 14 (Korea Bizwire) — On her way home after work, office worker Lee Jun-hee often drops by a nearby bank branch in Gwanghwamun, downtown Seoul. She does so not for banking but for book shopping and “meet the author” events, which are held in a space filled with the aroma of brewing coffee. [...]
SEOUL, Sept. 12 (Korea Bizwire) – South Korea’s large retailers affiliated with family-controlled conglomerates, or chaebol, account for more than 60 percent of violations of a related law over the past five years, a report showed Wednesday. The Fair Trade Commission (FTC), South Korea’s antitrust watchdog, detected 48 breaches of the act on fair transactions [...]
SEOUL, May 30 (Korea Bizwire) — BTS has developed into a worldwide sensation after topping the Billboard 200 Chart, and companies are rushing in to take full commercial advantage of the Korean boyband’s success. International fans of BTS have been visiting domestic online shopping platforms while concerts showcasing the K-pop stars have been selling out [...]
SEOUL, May 25 (Korea Bizwire) — Under a ceiling made of paneled glass that allows the warm rays of the sun to light up the vast emporium, a beautiful, book-brimming space filled with the sound of soft music and people talking in whispers greets all those who come to experience the now famous Starfield Library [...]