SEOUL, March 19 (Korea Bizwire) – South Korea’s tourism needs to revamp itself to reduce its dependency on China and grow into an industry that creates more added value, experts said Sunday, amid rising tension with the neighboring country over the deployment of a U.S. anti-missile system. Local tourism is expected to suffer a major [...]
SEOUL, March 6 (Korea Bizwire) – Stocks of major retailers and their affiliates with business ties to China continued to plunge Monday, as Beijing has intensified its measures against South Korea in what appears to be retaliation for the deployment of an advanced U.S. anti-missile battery. Lotte Shopping Co., a key unit of retail giant [...]
SEOUL, Dec. 22 (Korea Bizwire) – Despite much larger sales, franchisees in South Korea earn less money than owners of stand-alone stores due to higher costs, a report said Thursday. The operating margin for one-man franchise stores in the wholesale and retail sectors came to 12.8 percent in 2014, 10.5 percentage points lower than that [...]
SEOUL, Dec. 14 (Korea Bizwire) – Customers who spend big at the country’s major department stores jumped this year, industry data showed Wednesday, despite a prolonged economic slump here. The number of wealthy customers at the four stores — Lotte Department Store, Hyundai Department Store, Shinsegae Department Store, and Galleria Department Store — jumped by [...]
SEOUL, Nov. 10 (Korea Bizwire) – An anti-corruption law may be showing its desired extra effect of creating more time for family and home cooking if sales record at a leading retailer is any indication. October sales figures from E-mart released on Thursday showed an 11.5 percent increase for the month to 1.14 trillion won [...]
SEOUL, Nov. 7 (Korea Bizwire) – South Korea’s retail and tourism industries are seeking ways to embrace a growing number of independent travelers from China with customized services as Beijing is set to tighten regulations on cheap package tours, industry officials said Monday. Duty-free operators and department stores have stepped up customized marketing targeted at [...]
SEOUL, Oct. 20 (Korea Bizwire) – Sales at South Korea’s duty-free stores rose 36.4 percent in the first nine months of this year from a year earlier on increased buying by foreign tourists, especially Chinese, data showed Thursday. Sales at 50 duty-free stores nationwide came to 8.93 trillion won (US$7.9 billion) in the January-September period, [...]
SEJONG, Oct. 13 (Korea Bizwire) – South Korean retailers saw their sales increase more than 10 percent during a nationwide shopping festival that started late last month thanks to rising demand from Chinese shoppers, government data showed Thursday. The massive shopping campaign called “Korea Sale Festa,” which began Sept. 29 for 11 days, was designed [...]
SEOUL, Oct. 10 (Korea Bizwire) – Sales at major South Korean department stores increased during this fall’s nationwide shopping festival compared with a similar event last year as more retailers and manufacturers offered wider options for customers, industry officials said Monday. The “Korea Sale Festa” is the government-led sales event held from Sept. 29 [...]
SEOUL, Oct. 5 (Korea Bizwire) – A nationwide shopping festival drove up sales at department stores and large discount stores in South Korea in the first five days after its launch on Sept. 29, mainly thanks to an influx of Chinese shoppers, data showed Wednesday. The massive shopping campaign called “Korea Sale Festa,” which kicked [...]