SEOUL, March 20 (Korea Bizwire) — South Korean e-commerce giant Coupang Inc. has been named the world’s second most innovative retail company by the U.S. business magazine Fast Company, the company announced Wednesday. The annual Fast Company list highlights the top 10 most innovative retail companies and features 609 global businesses across 58 categories, including [...]
SEOUL, Feb. 18 (Korea Bizwire) — Seoul’s retail sector is entering a slowdown phase as economic stagnation and reduced consumer spending take hold, according to a recent market analysis. Cushman & Wakefield Korea released its Q4 2024 Retail Market Report on Monday, forecasting that persistent inflation, a strong U.S. dollar, and rising household debt burdens [...]
SEOUL, Feb. 11 (Korea Bizwire) — Faced with the worst economic downturn in 21 years, South Korean consumers are increasingly turning to supermarkets over big-box retailers, preferring to buy necessities in smaller quantities rather than bulk purchases. According to data from Statistics Korea and industry sources, total retail sales fell by 2.2% in 2024, marking [...]
SEOUL, Feb. 3 (Yonhap) - South Korea’s retail sales, a key indicator of private spending, fell by the most in 21 years in 2024, marking the third consecutive year of decline, despite solid industrial output, data showed Monday. Retail sales fell 2.2 percent on-year as sales of both durable and nondurable goods, particularly food, lost ground [...]
SEOUL, Jan. 6 (Korea Bizwire) — With South Korea facing its worst domestic retail downturn since the 2008 global financial crisis, major retailers are accelerating their international expansion plans in search of new growth opportunities. On January 5, industry sources revealed that Lotte Department Store is planning to expand overseas with its next-generation shopping complex brand, [...]
SEOUL, Dec. 6 (Korea Bizwire) – South Korea’s tourism and retail industries are on edge following the recent declaration and lifting of martial law, as travel warnings from major countries raise concerns about a potential decline in foreign visitors. While the Korea Tourism Organization reported no significant cancellations as of December 5, signs of apprehension [...]
SEOUL, Oct. 9 (Korea Bizwire) – South Korea’s job market presented a mixed picture in the first half of 2024, with significant job losses in construction and retail sectors contrasting with growth in social welfare and software development, according to a report released by Statistics Korea on October 8. The “Regional Employment Survey: Industrial and Occupational Characteristics [...]
SEOUL, Sept. 27 (Korea Bizwire) – The rise of e-commerce in South Korea has led to a steady decline in retail employment, with the number of sales workers decreasing for 60 consecutive months, according to recent government data. Statistics Korea reported on September 26 that the number of sales workers last month stood at 2.55 million, [...]
SEOUL, Jun. 25 (Korea Bizwire) — Retail sales in South Korea rose by 8.8 percent on-year in May, driven by promotional events launched by online shopping platforms, data showed Tuesday. The combined sales of 25 major offline and online retailers amounted to 16.3 trillion won (US$11.7 billion) last month, compared with 14.9 trillion won a [...]
SEOUL, May 28 (Korea Bizwire) — Retail sales in South Korea grew 10.8 percent on-year in April on the back of stronger demand from the online segment, data showed Tuesday. The combined sales of 25 major offline and online retailers came to 15.4 trillion won (US$11.2 billion) for last month, compared with 13.9 trillion won [...]