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 [...]
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 [...]
SEOUL, March 30 (Korea Bizwire) – A wave of artificial intelligence (AI) is sweeping the retail industry in South Korea, as major department stores and online shopping malls rush to adopt the latest technology to attract consumers. Shinsegae is the first in the retail industry to deploy a marketing strategy involving AI technology. Starting today, Shinsegae [...]
SEOUL, March 21 (Korea Bizwire) – Tesla completed the installation of a set of three Destination Chargers at Shinsegae Department Store in Gangnam on Monday, as the company picks up momentum with its South Korean operations after opening two showrooms last week. This was the second set of Tesla chargers introduced at a Shinsegae outlet [...]
SEOUL, Dec. 7 (Korea Bizwire) – Shinsegae Duty Free opened Wednesday “Han Soo”, an open space where visitors can experience and purchase Korean traditional handcrafted items, at Myeongdong’s Mesa Building in Seoul. The 1,016-square-meter store displays products manufactured by dozens of artisans, including 15 government-certified craftsmen and women. Works span from simple pottery to furniture, [...]
SEOUL, Nov. 25 (Korea Bizwire) – The total number of department stores operating across the country came to 100 last year, industry watchers said Friday, as more leading players are aggressively expanding and diversifying their outlets. A total of 100 department stores were operating as of the end of 2015, with the number to increase [...]
SEOUL, Nov. 16 (Korea Bizwire) – The duty-free stores that have newly opened in Seoul have seen operating losses this year as heavy marketing costs in the highly competitive market eroded their profitability, their financial documents showed Wednesday. Five duty-frees stores opened new shops in the capital city after winning licenses in two bids — [...]
SEOUL, Oct. 6 (Korea Bizwire) – Lotte and Shinsegae, two of Korea’s retail giants, are pushing forward with efforts to provide more opportunities for women to move up in their corporate hierarchies, implementing women-friendly systems as part of their company policies. According to industry watchers, Shinsegae’s discount store franchise E-Mart instituted a shortened work-hour system [...]
SEOUL, Sept. 28 (Korea Bizwire) – Shinsegae Group and a joint venture between Shilla Hotel and Hyundai Development said Wednesday that they will apply for a new duty-free license to open new stores in Gangnam, the most affluent district in the capital city. HDC Shilla Duty Free said it has picked iPark Tower in Gangnam, [...]
SEOUL, Sept. 8 (Korea Bizwire) – E-Mart Co., South Korea’s largest discount chain, on Thursday said it will sign an agreement with Ho Chi Minh City to invest US$200 million in the area that serves as the country’s commercial hub. The memorandum of understanding (MOU), to be sealed on Friday, establishes a strategic partnership between [...]