Retail Archives | Be Korea-savvy
Retail Sales Up 2 pct in May on Higher Demand for Online Shipping

Retail Sales Up 2 pct in May on Higher Demand for Online Shipping

SEOUL, June 29 (Korea Bizwire) — Retail sales in South Korea increased 2 percent in May from a year earlier as people purchased more sanitary items and foodstuffs through online platforms in the face of the new coronavirus pandemic, data showed Monday. The combined sales of 26 major offline and online retailers reached 11.63 trillion [...]

Retail Sales Suffer Sharp Decline in March as Virus Hits Offline Stores

Retail Sales Suffer Sharp Decline in March as Virus Hits Offline Stores

SEOUL, April 28 (Korea Bizwire) — Retail sales in South Korea fell in March as people refrained from visiting offline stores amid the new coronavirus pandemic, data showed Tuesday. The combined sales of 26 major offline and online retailers reached 10.89 trillion won (US$8.87 billion) last month, down 3.3 percent from 11.26 trillion won a [...]

Retailers May Suffer Greater from New Coronavirus than MERS

Retailers May Suffer Greater from New Coronavirus than MERS

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, [...]

Wine Plays Key Role in Attracting Customers to Brick-and-Mortar Stores

Wine Plays Key Role in Attracting Customers to Brick-and-Mortar Stores

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 [...]

Reverse Discrimination Against Domestic Online Shopping Mall, Taxation Burden to Limited Products

Reverse Discrimination Against Domestic Online Shopping Mall, Taxation Burden to Limited Products

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 [...]

Fierce Price War Underway in Retail Industry

Fierce Price War Underway in Retail Industry

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 [...]

SK Telecom, Shinsegae Join Hands on Future Retail Model

SK Telecom, Shinsegae Join Hands on Future Retail Model

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 [...]

GS Retail Unveils ‘Smart Convenience Store’

GS Retail Unveils ‘Smart Convenience Store’

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 [...]

From White Elephant to Useful Marketing Tool, Bank Branches Evolve in Digital Era

From White Elephant to Useful Marketing Tool, Bank Branches Evolve in Digital Era

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. [...]