HANAM, South Korea, Aug. 29 (Korea Bizwire) – Starfield Hanam, an upcoming shopping mall complex built in a joint venture between Shinsegae (51) and Taubman Asia (49), is set to open in September, and is now undergoing authentication procedures for its attainment of several domestic records, including as Korea’s largest shopping mall. The $1-billion, seven-story complex [...]
SEOUL, Aug. 17 (Korea Bizwire) – Department store restaurants have long been a lucrative business. Accommodating hundreds of weary shoppers every day, they have sometimes been referred to as a ‘goose that lays a golden egg’. However, opening such a restaurant had been a near-impossible task without deep connections to the store’s higher-ups, until recently. [...]
SEOUL, July 14 (Korea Bizwire) – South Korean discount retailer E-mart said Thursday that it will open its first store in Mongolia later this month as part of efforts to expand presence overseas. The new branch will be opened in central Ulaanbaatar on July 28 and be the country’s first large discount chain that will [...]
SEOUL, July 6 (Korea Bizwire) – Summer holiday season is back, but a growing number of Koreans are preferring to stay in the city instead of leaving the busy metropolis. Shinsegae Department Store discovered that its summer holiday (July and August) sales accounted for 16.1 percent of its annual sales in 2015, which was an increase [...]
SEOUL, July 5 (Korea Bizwire) – Shinsegae Department Store VIP customers will now be able to enjoy VIP services offered by Le Bon Marché, the first ever modern department store, founded in France in 1852 and currently selling a wide range of high-end goods. The partnership, which was finalized earlier this month, will grant Shinsegae VIP customers [...]
SARASOTA, Florida, June 29 (Korea Bizwire) – “I completely agree that shopping malls are now in competition with theme parks. We’re seeing this change in the United States, and I’m sure it applies to South Korea as well.” Robert Taubman, president and CEO of Taubman Centers, a regional shopping mall management company based in the United [...]
SEOUL, June 10 (Korea Bizwire) – Large retail and distribution companies are rapidly expanding their presence in the manufacturing industry through M&A or Private Brands (PB). The rationale behind this phenomenon is that integrated management from planning and manufacturing to distribution of products saves costs and exerts greater influence in the market. Lotte Department Store launched [...]
SEOUL, May 9 (Korea Bizwire) – Cooking is big in Korea. There are currently more than a dozen cooking shows on Korean television, featuring variety of cuisines, restaurants, and famous chefs, and department stores are benefitting from this food-frenzy phenomenon. Major department stores like Shinsegae are hosting well-known restaurant franchises at their outlets, attracting consumers [...]
SEJONG, March 31 (Korea Bizwire) - The South Korean government on Thursday decided to extend the operational licenses of local duty-free stores to 10 years from the current five and have them automatically renewed in a bid to help the retail industry do business in a stable and predictable environment. In a minister-level meeting in Seoul, the [...]
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, [...]