SEOUL, May 9 (Korea Bizwire) — The number of retailers selling products through digital marketplaces more than doubled over the past five years, data showed Tuesday, reflecting the growing popularity of online shopping. Some 543,000 businesses sold products via shopping platforms, such as Coupang and Naver in 2022, rising sharply from just 218,616 tallied in [...]
SEOUL, April 25 (Korea Bizwire) — Retail sales in South Korea rose 6.4 percent on-year in March as people’s growing outdoor activities boosted demand for fashion and other items, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers came to 14.5 trillion won (US$10.89 billion) last month, compared with [...]
SEOUL, March 2 (Korea Bizwire) — After establishing a presence in the online payment market to foster loyal customers for their platforms, South Korea’s major retailers are now attempting to make their payment solutions available through offline channels. Gmarket’s Smile Pay is now available at Shinsegae Group’s offline stores after the company was acquired by [...]
SEOUL, Feb. 23 (Korea Bizwire) — Korean beef, a highly coveted item among consumers in South Korea, is now gaining more attention from the retail distribution industry as well. Recent half-price discount events have resulted in sold-out stocks every day, underscoring the growing popularity of this premium meat. E-grocery platform Market Kurly, announced the launch [...]
SEOUL, Feb. 2 (Korea Bizwire) — Retail sales in South Korea rose 9.2 percent on-year in 2022 on the back of growing outdoor activities on eased social distancing rules amid the prolonged COVID-19 pandemic, the industry ministry said Thursday. The combined sales of local offline retailers rose 8.9 percent on-year from the previous year, and [...]
SEOUL, Dec. 2 (Korea Bizwire) – With the conspicuous consumption trend of the young generation in their 20s and 30s losing momentum due to high inflation, South Korea’s major retailers are releasing a string of low-price cakes ahead of the Christmas and year-end holiday season. Shinsegae Food Inc., a food business arm of the country’s [...]
SEOUL, Nov. 3 (Korea Bizwire) — South Korea’s retail industry is releasing a string of small-sized food products targeting consumers who eat smaller amounts of food after dividing larger dishes into smaller portions. Convenience store chain GS25 released two different types of “cup bap,” or cup rice, a quick and cheap meal served in a [...]
SEOUL, Oct. 24 (Korea Bizwire) — South Korean retail giants are stepping up efforts to secure rare premium wines as the domestic wine market is growing at a rapid pace. Lotte Department Store recently hired a string of professional wine sommeliers specialized in sourcing premium foreign wines differentiated from the other wines popular in the [...]
SEOUL, Oct. 19 (Korea Bizwire) — South Korea’s retail industry is enjoying a surge in sales of Halloween-related items ahead of the Halloween weekend. Discount retailer Emart Inc. saw annual sales of Halloween items rise by more than 20 percent every year from October 2019 to October 2021. By generation, the consumer base has expanded [...]
SEOUL, Oct. 17 (Korea Bizwire) — South Korea’s retail giants are invigorating efforts to dominate the second-hand transaction market, and this focus is expected to accelerate further with Naver Corp. poised to make an entry. The internet portal giant is reviewing the idea that its recently acquired Poshmark Inc., a U.S. social commerce platform specializing [...]