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 [...]
SEOUL, Sept. 29 (Korea Bizwire) – South Korea kicked off a nationwide shopping event on Thursday with a variety of promotions, cultural and entertainment events to draw more shoppers at home and abroad and revive the sluggish domestic consumption. The massive shopping campaign called “Korea Sale Festa” runs until Oct. 9, involving major retailers, manufacturers [...]
SEOUL, Aug. 9 (Korea Bizwire) – A prolonged heat wave in South Korea is boosting sales of local retailers, cafes, hotels and theaters as people flock to those air-conditioned places to get relief, industry sources said Tuesday. The entire country has been hit by the scorching weather for the past two weeks, with daytime highs [...]
SEJONG, July 28 (Korea Bizwire) – South Korea’s major department stores and discount chains saw their sales rise in June from a year earlier due to an increase in holidays, government data showed Thursday. The combined sales of three department stores — Hyundai, Lotte and Shinsegae — increased 11.8 percent on-year last month, while those [...]
SEOUL, July 13 (Korea Bizwire) – South Korea’s distribution industry has become heavily dependent on China for its profits, statistics indicated Wednesday, making them vulnerable to even political and social issues that can turn away consumers from the Asian neighbor. For Lotte Duty Free stores in Seoul, Chinese tourists accounted for 78 percent of its [...]
SEOUL, July 8 (Korea Bizwire) – Hypermarkets, which offer a wide range of products under one roof, once prospered in Korea. Recently, however, sales growth has stagnated with a rapid change in consumer behavior. According to industry watchers, hypermarkets in Korea anticipated high growth this year, following poor performance in 2015 from widespread public fear [...]
SEOUL, May 14 (Korea Bizwire) – Just like the rest of the world, Korea is suffering from a prolonged economic downturn. Like societies elsewhere, Koreans and their businesses are adapting and adjusting to what is starting to be accepted as a new economic reality. To begin with, there has been a clear shift in [...]