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 [...]
SEOUL, May 28 (Korea Bizwire) — Retail sales in South Korea rose 3.9 percent in April from a year earlier on the back of rising demand for online platforms as more people refrained from going outside amid the new coronavirus pandemic, data showed Thursday. The combined sales of 26 major offline and online retailers reached [...]
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 [...]
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. [...]