SEOUL, March 19 (Korea Bizwire) – With traditional brick and mortar retailers feeling squeezed by the rapid growth of online shopping, a new tactic has them fighting back by building massive shopping malls that offer both shopping and entertainment at the same time. Lotte and Shinsegae have announced plans to build seven shopping malls (four by Lotte, [...]
SEOUL, March 18 (Korea Bizwire) – South Korea’s two leading conglomerates — Samsung Group and Shinsegae Group, which share the same lineage — have been locked in an unusual conflict over mobile payment tools, industry sources said Friday, as the two are promoting their respective platforms. According to the sources, Samsung’s service sector entities, including Hotel [...]
SEOUL, March 8 (Korea Bizwire) – With Me, the convenience store managed by Shinsegae group, announced that they opened a new store in the SUM Market located in the Samsung-dong building of SM Entertainment. The 1,161st With Me store showed record breaking sales, for the number of sales were 2.5 times higher than the average [...]
SEOUL, March 3 (Korea Bizwire) – South Korea’s retail giants, faced with cut-throat competition in the rapidly saturating domestic market, are turning their attention to overseas markets in conjunction with small and mid-sized businesses to secure a new growth driver, industry watchers said Thursday. The country’s three major retail conglomerates – Shinsegae Group, Lotte Group [...]
SEOUL, Sept. 10 (Korea Bizwire) – As Homeplus has changed ownership from England’s Tesco to the all-Korean MBK Partners, the company seems to be planning an aggressive revamp of its business practices with a focus on improvements. This could lead to severe competition in the industry. Considering the past, MBK might try to elevate the [...]
SEOUL, Aug. 7 (Korea Bizwire) – Emart announced that they will start an innovative campaign to obtain a competitive edge in the large discount store business. Jung Yong-jin, vice-president of Shinsegae Group, posted the news on his Facebook account. “The new Emart will have to think about ways to give people a reason to come to [...]
SEOUL, April 21 (Korea Bizwire) — Shinsegae, a South Korean retail conglomerate, said Tuesday it plans to set up a new unit for duty-free shop operations, joining the race to win a bid to run new duty-free stores in downtown Seoul. Hotel Shilla, a major hotel chain and duty-free shop operator, and other existing duty-free [...]
SEOUL, Apr. 20 (Korea Bizwire) — Luxury brands are increasingly establishing their own Korean branches, rather than contracting with Korean companies to enter the Korean market, hoping to generate more earnings through direct and effective customer management. Goyard, the French leather goods maker, recently lowered some of its prices and terminated a sales agreement with [...]
SEOUL, April 8 (Korea Bizwire) — Despite an economic slowdown, sales of luxury products in South Korea soared in the first quarter of 2015 partly due to recent price cuts by major luxury brands, data showed Wednesday. Lotte Department Store saw sales of luxury products jump 15.7 percent on-year in the January-March period, with sales of [...]
SEOUL, Nov. 29 (Korea Bizwire) – Shinsegae beat its longtime rival Lotte to win a bid for establishing a science complex in Daejeon, South Korea. At the final review, Shinsegae received 1054.7 points out of 1100 and a slim 17.7 point margin of victory over Lotte, who received 1037.0 points. Both bids were strong, and the [...]