Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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2 in 3 young Koreans positive about meat alternatives: survey
More than two out of three Koreans in their 20s and 30s feel positive about plant-based meat alternatives and believe that they are better for the environment than animal meat, a survey showed Thursday. According to a survey conducted by Shinsaege Food, 67.6 percent of 1,000 respondents aged between 20 and 39 said they feel good about consuming meat replacements. Some 71 percent said meat alternatives are necessary because they take up less land and water, and produce less greenhouse gas than
Feb. 3, 2022
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Convenience stores outrank supermarkets in market share
Korea’s convenience stores’ combined market share outgrew that of local supermarkets for the first time, amid the fast-growing trend to shop in less crowded places due to the coronavirus pandemic, data showed Wednesday. According to data from the Ministry of Trade, Industry and Energy, sales revenue of three convenience stores -- GS25, CU and 7-Eleven -- came to 30.7 percent last year, following three department stores -- Lotte, Shinsegae and Hyundai. The figure surpassed that of t
Feb. 2, 2022
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Korean instant noodle exports hit new high in 2021
Exports of South Korean instant noodles hit a record high of over $670 million, the highest figure to date. Last year’s exports stood at $674.41 million, data from the Korea Customs Service and the food industry showed on Sunday. Exports of instant noodles, also known as “ramyeon” in Korea, have risen for seven consecutive years. When broken down by country, China was the biggest market for South Korean instant noodle makers, followed by the US, Japan and Taiwan. Instant no
Jan. 30, 2022
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Retail sales rise over 11% in 2021 amid pandemic
Retail sales in South Korea rose 11.3 percent on-year in 2021 on the back of strong appetite for consumption and growing online transactions amid the prolonged COVID-19 pandemic, the industry ministry said Thursday. The combined sales of local offline retailers climbed 7.5 percent on-year from the previous year, and those of online stores grew 15.7 percent, according to the data compiled by the Ministry of Trade, Industry and Energy. Department stores showed stellar performance, with their sal
Jan. 27, 2022
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Anchor Equity-backed Fresheasy acquires smaller rival for W100b
Korea’s largest meal kit provider Fresheasy said Wednesday it acquired its smaller rival Tasty9, the No. 2 player, for 100 billion won ($83.5 million) in a move to further strengthen its leadership in the burgeoning ready meal market here. The latest deal is the fourth in a series of acquisitions it has carried out under new ownership. In October last year, Hong Kong-based Anchor Equity Partners acquired a controlling stake in Fresheasy for an estimated 300 billion won. Over the three
Jan. 26, 2022
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Korean retailers jump into NFT craze
Nonfungible tokens, once monopolized by cryptocurrency exchanges and auction houses, are creeping into the retail industry, where top players are desperate to seek a new growth engine in a quickly saturating market. NFTs are digital tokens of physical or digital assets, mostly of music or art, that guarantee ownership through blockchain technology. Korean retail channels are also set to expand their footing into the burgeoning NFT business by selling art and fashion items. CJ Olive Networks
Jan. 25, 2022
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Korea’s beer imports drop to all-time low
South Korea’s imports of beer recorded an all-time low last year, amid a nationwide boycott of Japanese beer and other products, data showed Monday. According to the Korea Customs Service, imports of beer decreased by 1.7 percent on-year to $223.1 million last year. The figure surpassed the record-low imports of $181.5 million in 2016. The list of major beer import countries last year includes the Netherlands, followed by China, Belgium, Poland, Ireland, Germany and the Czech Republic.
Jan. 24, 2022
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7-Eleven to provide AI data for potential franchise owners
The convenience store chain 7-Eleven of Korea’s retail giant Lotte Group said Friday it joined hands with Oasis Business, startup solution platform, to develop an Artificial Intelligence solution to support those who wish to start the franchise business. Based on the partnership, the store chain plans to provide more objective data of the commercial area around the new franchise and accurate sales projections. The AI-analyzed data includes the number of the floating population, sales fig
Jan. 21, 2022
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[Herald Interview] Pernod Ricard Korea looks to infuse Korean culture into drinking
As the COVID-19 pandemic forced pubs and bars to close early and limited private gatherings, more people have been drinking at home. Frantz Hotton, CEO of global wine and spirits company Pernod Ricard Group’s Korean affiliate, saw a silver lining in the virus-driven trend. “Our sales and marketing teams have made great efforts to respond well to the growing needs of off-trade market and caught up rapidly to grab opportunities in line with new drinking patterns,” Hotton said i
Jan. 20, 2022
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Lotte Group steps closer to Ministop Korea acquisition
Korea’s retail giant Lotte Group is highly likely to be picked as a preferred bidder to acquire the nation’s fifth-largest convenience store chain Ministop Korea, according to industry sources Wednesday. Lotte reportedly offered the highest bidding price -- 300 billion won ($251.5 million) -- possibly leaving out its crosstown rival Shinsegae Group in the heated race. “Since Lotte has outbid other contenders, there’s a 99.9 percent chance of Lotte becoming the prefer
Jan. 19, 2022
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Korea’s kimchi exports soar to all-time high
South Korea’s exports of kimchi recorded an all-time high last year, reaching a trade surplus for the first time in 12 years, data showed Monday. Kimchi is a traditional Korean side dish made of spicy sauce and fermented cabbage. According to the Korea Customs Service, exports of kimchi surged by 10.7 percent on-year to $159.9 million last year. The figure surpassed the record-high exports of $144.5 million in 2020. More than half of last year’s exports went to Japan, followed by
Jan. 17, 2022
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Louis Vuitton to shut downtown duty-free shops in Korea
French luxury brand Louis Vuitton is closing shops at all downtown duty-free stores in South Korea by March 2023. Having stopped running its store at Lotte Duty Free Jeju in December, Louis Vuitton will close three more -- at the Shilla Duty Free in Jeju, Lotte Duty Free in Busan and Lotte World Tower in Jamsil, Seoul -- in March, according to UK travel retail media outlet Moodie Davitt Report. Louis Vuitton also plans to pull out from the three remaining downtown duty-free stores -- Lotte Du
Jan. 17, 2022
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Lotte Hotel to launch boutique hotel in Chicago next year
Lotte Hotel, the hotel chain owned by Korea’s retail giant Lotte Group, said Monday that it will open a new hotel in Chicago next year, the first overseas launch under its lifestyle boutique hotel brand L7. Lotte said it completed an acquisition of Kimpton Hotel Monaco Chicago for 42.8 billion won ($35.9 million) on Friday (US time) in a joint investment with the state-run Korea Overseas Infrastructure Development Corp. The 13-story hotel with 191 rooms is expected to be refurbished int
Jan. 17, 2022
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Government to deploy 10,000 couriers amid CJ strike
Amid the prolonged strike of unionized delivery workers of CJ Logistics, the logistics unit of Korea’s conglomerate CJ Group, government is planning to deploy additional workers to prepare for a delivery surge in the upcoming New Year’s holiday. According to the Ministry of Land, Infrastructure and Transport, starting Monday, it will deploy around 10,000 delivery workers to the field from Jan. 17 to Feb. 12. Following the scheme, the ministry aims to offset the delivery shortage sp
Jan. 16, 2022
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Coupang launches Japan’s Nitori furniture in Korea
South Korean e-commerce giant Coupang said Wednesday it has exclusively launched the product lines of Nitori, Japan’s largest furniture and household goods brand. According to the company, Coupang will directly import Nitori products so that customers in Korea can conveniently purchase the brand’s items. Celebrating the launch, Coupang presents a limited-time offer from Wednesday to Friday. Any Coupang customer can receive four types of discount coupons -- discounts of 3,000 won ($
Jan. 12, 2022
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Digital platforms for secondhand trading emerge as new retail unicorns
Market valuation estimates of local digital platforms that promote individual trading of secondhand products have been on the rise with traditional retailers and even banks injecting large investments in hopes of them becoming the next Coupang and Market Kurly. Some market insiders say that valuation of Danggeun Market, the nation’s biggest secondhand trading app by transaction volume, is estimated at 3 trillion won ($2.5 billion). The figure, though based on mere estimation, surpasses
Jan. 11, 2022
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Shinsegae shares plunge on vice chief’s anti-communist remarks
Retail giant Shinsegae Group saw its shares plunge on Monday as a controversial social media post from the group’s heir and Vice Chairman Chung Yong-jin sparked investor jitters. The company’s stocks shed 6.8 percent to close at 233,000 won ($196.23) Monday against the benchmark KOSPI’s 0.95 percent decline. The plunge in stock value comes after Chung made several politically charged remarks in recent months criticizing communism alongside pictures of Chinese President Xi Ji
Jan. 10, 2022
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Starbucks Korea to raise price of Americano
Starbucks Korea, the nation’s No. 1 specialty coffee chain, said Wednesday it is considering bumping up the price for a cup of Americano in almost eight years due to the price surge in coffee beans imported from overseas. “Even when other franchise coffee shops have increased their coffee prices, we have fixed our price rate. It was bearable back then, but since COVID-19, the price of coffee beans and other materials such as syrups have begun to soar just too much,” an offici
Jan. 6, 2022
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CJ CheilJedang sets up global unit for overseas business
CJ CheilJedang, a food manufacturer under Korea’s CJ Group, said Tuesday it will reorganize its business units and refine global market strategies in a bid to efficiently promote its Korean food products worldwide. According to the food giant, it plans to divide its headquarters business into global and regional food unit. Namely the Global Headquarter will take charge in promoting its food products such as dumpling, chicken, kimchi, Korean hot sauce and dried laver overseas. The region
Jan. 4, 2022
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SPC heir promoted as president
Paris Baguette operator SPC Group promoted its third-generation heir Hur Jin-soo as president of Paris Croissant, the group‘s de facto holding company, the firm announced Thursday. The recent promotion is in recognition of Hur’s contribution to raising Paris Baguette’s brand awareness in major foreign markets, explained SPC. He also led the bakery chain’s joint venture project in Indonesia and Cambodia this year. At its global branches, SPC appointed foreign executive
Dec. 30, 2021