SEJONG, Aug. 3 (Korea Bizwire) – South Koreans’ direct purchases from foreign countries edged up in the second quarter of this year, with online purchases of Korean products by overseas shoppers nearly doubling, government data showed Wednesday. Koreans’ direct purchases of foreign goods via overseas online shopping malls reached 411.8 billion won (US$369.3 million) during [...]
SEOUL, July 29 (Korea Bizwire) – Foreigners’ local duty-free shopping has rebounded this year after a dismal drop last year from a contagious respiratory disease, data showed Friday, renewing interest in new licenses for the retail business. Statistics provided by the Korean Duty Free Association (KDFA) said shoppers purchased an average US$207 worth of goods [...]
SEOUL, July 14 (Korea Bizwire) – Buying consumer products is not like buying a house. The moment you make a purchase the product’s value deteriorates, which is why rental services may be the next big consumption trend. Rental or lease services for high-cost goods such as laptops and automobiles have already become prevalent. For the [...]
SEOUL, July 13 (Korea Bizwire) – South Korea’s distribution industry has become heavily dependent on China for its profits, statistics indicated Wednesday, making them vulnerable to even political and social issues that can turn away consumers from the Asian neighbor. For Lotte Duty Free stores in Seoul, Chinese tourists accounted for 78 percent of its [...]
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 [...]
SEOUL, June 29 (Korea Bizwire) – Lotte Duty Free, South Korea’s largest duty-free operator, said Wednesday it has expanded its main branch in downtown Seoul, as part of efforts to make up for a sales shortfall from its other outlet in downtown Seoul which closed upon its license expiration. The main branch in Lotte Department [...]
SEOUL, June 21 (Korea Bizwire) – South Korea will hold a nationwide shopping festival involving major retailers, manufacturers and traditional markets in the fall to draw foreign travelers and jack up lackluster domestic consumption, the government said Tuesday. The Ministry of Trade, Industry and Energy and the Ministry of Culture, Sports and Tourism jointly formed [...]
SEJONG, June 16 (Korea Bizwire) – Sales in the online shopping business in South Korea have expanded more than 16-fold over the past 15 years on the back of the rapid development of e-commerce transactions, government data showed Thursday. A total of 53.9 trillion won (US$46.1 billion) worth of purchases were made online last year, [...]
SEOUL, May 26 (Korea Bizwire) – Lotte Department Store is implementing what it calls a ‘Virtual Fitting Service’ for customers to try on clothes virtually, without having to physically put them on. The service uses a special mirror that provides a virtual reflection of the customer wearing the clothing by applying a 3D image of [...]