Retail giants race to build shopping complex in Gwangju

Lotte, Shinsegae and Hyundai, the three retail giants in South Korea, are scrambling to be the first to build a new mega shopping complex in the southwestern city of Gwangju, one of the key campaign pledges of President Yoon Suk-yeol that is aimed at facilitating the local economy. Hyundai Department Store on Wednesday announced that it is in talks with Humans Holdings, a local real estate developer, to open a mega shopping mall in Gwangju. The proposed construction site is a 310,000-square-

July 10, 2022

[Weekender] Rise of new power people in business -- influencers

A 23-year-old university student surnamed Han has a study partner whom he has never met. When Han studies for exams, he plays videos of Cho Chan-hui, a Korean influencer and YouTuber also known as Nojambot. Cho, a high school dropout studying to become a police officer, broadcasts and posts videos of himself studying for hours. He has over 152,000 followers on Instagram and 400,000 subscribers on YouTube. He gained fame overnight in 2017, when a video of him studying went viral. “Yes, N

July 9, 2022

Convenience store owners want late-night surcharges to offset rising labor costs

Convenience store owners are pushing to impose late-night surcharges on items to offset the expected rise in labor costs from next year’s legal minimum wage increase. In a meeting held Tuesday, the National Convenience Store Franchise Association, which represents store owners, decided to officially demand that convenience store franchises support the idea. Under the proposal, owners would impose a 5 percent surcharge on the price of all items sold at their store from midnight to 6 a.

July 6, 2022

Look up for dinner: Convenience stores race for drone delivery

South Korean convenience stores are testing their service accessibility to remote areas by deploying drones for delivery use to enhance customer experience. Local convenience store chain CU said Wednesday that it has launched a drone delivery service for the first time at CU’s Yeongwol Gongju branch in Gangwon Province. The delivery drone, which weighs 17 kilograms and measures 70 centimeters in height, will carry products from the CU branch to Oasis Glamping, a camping site located som

July 6, 2022

Hangover drinks: What are the best choices and do they really work?

Whether it’s soju and beer with colleagues or wine with friends, drinking is an important part of socializing in South Korea. South Koreans drank an average of 8.3 liters of alcohol in 2019, according to the Korea Institute for Health and Social Affairs, citing OECD (Organization for Economic Co-operation and Development) Health Statistics 2021. Though the average amount of alcohol consumed by South Koreans is below the OECD average, 2014 data from market research firm Euromonitor foun

July 4, 2022

Vietnam outpaces S. Korea in instant noodle consumption

Vietnam outpaced South Korea in terms of instant noodle consumption per capita, on the Southeast Asian country’s growing purchasing power and economic growth rate, data showed Thursday. According to Nongshim, a leading ramyeon maker in South Korea, the average Vietnamese eats about 87 servings a year while the average South Korean has 73 servings, citing 2021 data from the World Instant Noodles Association. Nepal was in third place with 55 servings per person a year. Korea topped the wor

June 30, 2022

South Korea imposes zero tariffs on imported pork amid inflation woes

The South Korean government has begun imposing zero tariffs on 50,000 tons of imported pork from Thursday, in a move to stabilize the skyrocketing price of pork here. It is the first time in 11 years for the Ministry of Agriculture, Food and Rural Affairs to introduce a tariff quota on pork. The ministry allows the import of a certain quantity of a commodity duty-free or at a lower-duty rate. With zero tariffs, the ministry forecasts that the production cost of pork will go down as much as 18

June 30, 2022

Men shopping cosmetics in South Korea growing

South Korean health and beauty retailer CJ Olive Young said Thursday its sales of men’s cosmetic products in the first half of this year increased 24 percent compared to the same period last year. The retailer saw a 130 percent increase in the basic skin care category, which includes toners and lotions. In the cosmetics category, foundations and color lip balms were the most-sold items, according to company data. Data also showed that in-person purchase of cosmetics among male customer

June 30, 2022

Duty-free shops open cross-border sales to secure overseas consumers

South Korea’s duty-free shops are launching cross-border sales services starting Friday with high hopes to secure consumers overseas, as they are losing price advantage to local clients due to high won-dollar exchange rates. Lotte Duty Free opened the overseas shipping service on Wednesday, which sells around 220 kinds of products including cosmetics, fashion items and food products. Consumers in nine countries including China, Japan, US, Singapore and Thailand can enjoy free shipping as

June 29, 2022

From mini couches to feeding mats, Gucci launches pet collection

Italian luxury fashion brand Gucci on Wednesday launched its new “Gucci Pet Collection,” catering to canines and felines that enjoy extravagant lifestyles. The product line is part of a larger collection titled “Gucci Lifestyle,” which was launched in September 2021. The pet attire and accessories are all made from recycled cotton and polyester, and Gucci’s own eco-friendly fabric called Demetra that is made from sustainable, renewable sources. Pet owners can now

June 29, 2022

Retail sales up 10.1 pct in May amid eased virus curbs

Retail sales in South Korea rose 10.1 percent on-year in May on the back of growing demand for fashion-related items and other services amid the government's relaxation of COVID-19 curbs and the growth in people's outdoor activities, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers reached 14.45 trillion won ($11.24 billion) last month, up from 13.1 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Indus

June 28, 2022

Pulmuone sponsors Korean food documentary by US culinary school

South Korean food giant Pulmuone said Monday it has sponsored a documentary production with the Culinary Institute of America, one of the world’s most prestigious culinary schools, to promote Korean food to a global audience. In partnership with Pulmuone, the CIA plans to document Korea’s plant-based recipes and food culture. The documentary will be used for educational purposes for chefs, CIA students and food and cafeteria service providers in the US. Starting with Korea, the CI

June 27, 2022

[Best Brand] The IB Korea introduces new cocktail products

The IB Korea, a beer and liquor importer, recently participated in the Air House Festival, a music fair held in Chuncheon, Gangwon Province, for three days starting June 10. At the event, the IB Korea met with young customers in their 20s, introducing its newly launched cocktail products, Uptown Margarita and Uptown Pina Colada. The two new products are brands from Texas-based distillery and winery Southern Champion. The Uptown Margarita is an agave wine-based cocktail, while the Uptown Pina

June 27, 2022

[Best Brand] LocknLock caters to wide range of home-cooked meals

The trend of having healthy home-cooked meals has driven household goods companies to expand their business into the small home appliances sector. LocknLock, the global food container maker, has introduced Steam Fryer S2, which offers five cooking options -- steam oven, air fryer, grill, toaster and steamer. In particular, its super steam mode cooks food at 130 degrees Celcius and forces superheated steam deep inside ingredients. Since the cooker heats ingredients fast, it draws out fat and sa

June 27, 2022

Dermocosmetics market fast growing in Korea: report

With fast-growing interest in high quality skin and hair care products in South Korea, the dermocosmetics market -- cosmetics that are just as effective as dermatological care -- has expanded in recent years to surpass the 4 trillion won ($3.1 billion) mark, a report showed Thursday. According to Samjong KPMG, a Seoul-based consulting firm, the country’s dermocosmetics market size has increased by 17.6 percent to 4.5 trillion won in 2020, compared to five years ago. The report said new

June 23, 2022

Rising ‘lunchflation’ drives Korean workers to look for cheaper options

For Kim Sang-ji, a 28-year-old white-collar employee working at a trading company in Seoul, healthy lunch meals had been her usual choice -- until recently. Now, she heads to a convenience store nearby. When picking up a 5,000 won ($3.80) lunchbox or a 2,000 won gimbap roll, she feels unsatisfied. But when thinking about the cost of eating out these days -- particularly in the business district of Gwanghwamun, where her office is located -- plus the extra cost of coffee, she has decided to go o

June 17, 2022

Raw, edgy and…under construction?

On a weekday evening, one cafe in western Seoul is about to close for the day while customers are still chatting away and enjoying their coffee. Repurposed from a shoe factory, this cafe is one of several trendy spots across the city that attract coffee drinkers and cafe enthusiasts alike, as numerous Instagram posts tagging the location show. “Industrial interior designs display the appeal of raw materials. Since it can give off a vintage or clean feel depending on the finish, demand i

June 16, 2022

W Concept kicks off global campaign for local fashion brands

W Concept, a South Korean online fashion platform under retail giant Shinsegae, said Thursday that it has started its first global campaign to support the overseas business of the country’s fashion brands. From Friday to June 24, the company will release a series of fashion photo shoots featuring Leandra Medine, a global fashion influencer, wearing items from Korean fashion brand Eenk. The items are from Eenk’s Spring/Summer 2022 collection, which includes patterned tops, dresses,

June 16, 2022

Food packages get smaller for customers weary of inflation

Amid price hikes and rising food bills, retailers in South Korea have come up with a new marketing strategy to keep customers satisfied. Convenience store chain CU has launched packages of vegetables, meat and fruit that are smaller and less expensive than the ones they usually sell. The store chain also offers packaged Korean pork belly, jowl meat, false lean, and flat iron steak in 200-gram packages. The company said it has cut margins by directly purchasing vegetables from distribution cen

June 13, 2022

[Newsmaker] McDonald’s Korea back on sale after six years

McDonald’s Korea, the local unit wholly owned by the US fast-food giant, is seeking a new owner -- joining the latest burger chain sales rush here. The company confirmed Friday that its US headquarters is selling its entire stake in the Korean unit as well as its business license after its first failed attempt six years ago. According to news reports, Mirae Asset Securities, the deal’s lead manager, plans to send letters as early as next month to invite potential bidders. With

June 12, 2022