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Fashion Companies Rev Up Overseas Push Amid Domestic Slump

Fashion Companies Rev Up Overseas Push Amid Domestic Slump

SEOUL, Oct. 11 (Korea Bizwire) — South Korean fashion companies are accelerating efforts to tap into overseas markets amid a prolonged domestic slump, industry watchers said Wednesday. Shinsegae International Inc., the apparel arm of retail giant Shinsegae, said it is planning to open three more VOV stores in China this year. The company currently runs [...]

Large Retailers Post Sales Growth During Long Chuseok Holiday

Large Retailers Post Sales Growth During Long Chuseok Holiday

SEOUL, Oct. 9 (Korea Bizwire) — South Korea’s large retailers posted solid sales ahead and during this year’s Chuseok holiday helped by all out marketing efforts to attract customers, industry sources said Monday. Data provided by local retailers showed double digit growth by some companies as the country celebrated the longest holiday in decades. Chuseok, [...]

Conglomerates Raise Issue of Chinese Economic Retaliation at Special Meeting with President Moon

Conglomerates Raise Issue of Chinese Economic Retaliation at Special Meeting with President Moon

SEOUL, Jul. 28 (Korea Bizwire) — At a special ‘beer garden’ meeting held on Thursday at the Blue House with President Moon, executives from South Korean conglomerates raised the issue of China’s economic retaliation against South Korean companies, particularly electric vehicle battery manufacturers, urging the government to take action. During the unique meeting, Moon was [...]

Shinsegae to Spend 300 Bln won in Loss-making Convenience Store Business

Shinsegae to Spend 300 Bln won in Loss-making Convenience Store Business

SEOUL, Jul. 13 (Korea Bizwire) — Retail giant Shinsegae said Thursday it will invest 300 billion won (US$263 million) over the next three years to help its loss-making convenience store business cope with the rapidly growing market. Shinsegae, which tapped into the convenience store market in 2014 with an acquisition, has been suffering from losses [...]

Shinsegae Goes Mobile to Overcome July Sales Slump

Shinsegae Goes Mobile to Overcome July Sales Slump

SEOUL, Jul. 11 (Korea Bizwire) — Shinsegae Department Store is tackling July head on in a bid to boost revenue in what is typically the worst sales month of the year, by launching a series of mobile events and services. The South Korean department store chain announced on Sunday plans to send shopping information to clients [...]

Sales of Home Exercise Equipment Soar Amid Fine Dust Concerns

Sales of Home Exercise Equipment Soar Amid Fine Dust Concerns

SEOUL, May 25 (Korea Bizwire) — Growing concerns over harmful fine dust particles in South Korea are seeing more people opt for exercise indoors. According to industry experts, sales of home exercise equipment have been going through the roof since last month, nearly on par with the yearly sales peak that has occurred during the winter [...]

Starfield Hanam’s Pet-Friendly Policy Met With Mixed Reception

Starfield Hanam’s Pet-Friendly Policy Met With Mixed Reception

SEOUL, May 15 (Korea Bizwire) – Amid growing pet ownership in South Korea, Shinsegae’s Starfield Hanam is drawing attention over its all-out animal-friendly policy that allows shoppers to enjoy the mall in the company of their pets, making itself the first shopping complex in the country where pets can walk around so long as they are [...]

Another Victim of THAAD Woes: E-Mart to Exit China

Another Victim of THAAD Woes: E-Mart to Exit China

SEOUL, May 4 (Korea Bizwire) – E-Mart Inc., South Korea’s largest discount outlet chain by revenue, is closing down its business in China two decades after it first entered the country, the company said Tuesday, as widening losses and worsening business conditions stemming from a diplomatic standoff have left the company with little leeway for [...]

S. Korea’s Major Department Stores Fined for ‘High-handed’ Practices

S. Korea’s Major Department Stores Fined for ‘High-handed’ Practices

SEJONG, May 4 (Korea Bizwire) – South Korea’s corporate watchdog said Wednesday that it has slapped a combined 2.2 billion won (US$1.94 million) in fines on six local department stores for abusing their power to control their subcontractors. The companies — Shinsegae Department Store, Lotte Department Store, Hyundai Department Store, Hanwha Galleria, NC Department Store and AK Plaza — were accused of refusing to give back written contracts [...]