SEOUL, Oct. 30 (Korea Bizwire) – South Korean retail group Shinsegae Inc. said Thursday its duty-free business unit will withdraw from Incheon International Airport’s DF2 zone due to mounting losses. Shinsegae, operator of South Korea’s second-largest department store chain, made the decision in order to improve operational efficiency in its duty-free business amid deepening losses, [...]
SEOUL, Sept. 18 (Korea Bizwire) — South Korean retail giant Shinsegae Group said Thursday its joint venture with Alibaba International has secured regulatory approval, clearing the way for a launch next month that could reshape the country’s online retail landscape. The 50:50 venture, greenlit by the Korea Fair Trade Commission, was approved after the companies [...]
SEOUL, April 23 (Korea Bizwire) — Donald Trump Jr., the eldest son of U.S. President Donald Trump, will visit South Korea next week at the invitation of Shinsegae Group Chairman Chung Yong-jin, a group official said Wednesday. The junior Trump plans to meet with key business officials during his visit to the country, the official [...]
SEOUL, April 9 (Korea Bizwire) — In a landmark transformation fusing history, architecture, and high fashion, Shinsegae Department Store has unveiled The Heritage, a luxury boutique complex housed in the meticulously restored former head office of Korea’s First Bank in central Seoul’s Myeong-dong district. The neoclassical building, originally constructed in 1935 and designated as Seoul City [...]
SEOUL, Jan. 8 (Korea Bizwire) — South Korea’s department store industry showed stagnant growth of less than 1% last year, with the disparity between high-performing and struggling stores becoming increasingly pronounced. According to industry data released on January 7, the five major department store chains – Lotte, Shinsegae, Hyundai, Galleria, and AK – recorded combined sales [...]
SEOUL, Jan. 7 (Korea Bizwire) — Shinsegae Group and China’s Alibaba Group have joined forces to form a strategic e-commerce alliance, a move that has drawn close attention from Coupang, South Korea’s market leader in online retail. The partnership, announced on January 6, could significantly alter the competitive dynamics of the e-commerce sector. Coupang’s senior [...]
SEOUL, Jan. 6 (Korea Bizwire) — With South Korea facing its worst domestic retail downturn since the 2008 global financial crisis, major retailers are accelerating their international expansion plans in search of new growth opportunities. On January 5, industry sources revealed that Lotte Department Store is planning to expand overseas with its next-generation shopping complex brand, [...]
SEOUL, Dec. 27 (Korea Bizwire) — Shinsegae Group has announced a strategic partnership with China’s Alibaba Group, forming a joint venture to bolster its position in South Korea’s highly competitive e-commerce market. The new entity, “Grand Opus Holding,” will launch in 2025 with equal ownership between Shinsegae and Alibaba’s international subsidiary. The partnership integrates Shinsegae’s [...]
SEOUL, Dec. 18 (Korea Bizwire) — Chung Yong-jin, chairman of South Korean retail conglomerate Shinsegae Group, was set to meet with Donald Trump Jr., the eldest son of U.S. President-elect Donald Trump, at the president-elect’s Florida resort this week, the group said Wednesday. Chung is visiting the Mar-a-Lago resort Tuesday and Wednesday (U.S. time) to [...]
SEOUL, Nov. 11 (Korea Bizwire) – In a bid to attract pop culture enthusiasts, South Korea’s leading department stores are hosting exclusive pop-up stores featuring iconic entertainment franchises. Lotte Department Store is showcasing “Dragon Ball,” while Shinsegae Department Store features “Arcane Season 2,” the animated series based on the popular game “League of Legends.” Lotte Department [...]