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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 [...]

Fourth Industrial Revolution is Reshaping Retail Industry

Fourth Industrial Revolution is Reshaping Retail Industry

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 [...]

Shinsegae Opens Concept Store Featuring Traditional Goods

Shinsegae Opens Concept Store Featuring Traditional Goods

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, [...]

New Duty-Free Stores in Seoul Suffer Deficit

New Duty-Free Stores in Seoul Suffer Deficit

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 — [...]

Korean Retail Giants Compete to Break the Glass Ceiling

Korean Retail Giants Compete to Break the Glass Ceiling

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 [...]