Seoul’s department stores dazzle in festive holiday competition

Christmas has arrived early in Seoul’s department stores, where luxury retailers Shinsegae, Lotte, and Hyundai are locked in a competition to outshine one another and attract customers. With the domestic economy still struggling to recover, the festive displays went up even earlier this year, starting on Nov. 1. Shinsegae Department Store in Myeongdong arguably lit the fuse of this holiday decoration competition. Since 2021, the store has forgone outdoor advertisements for big brands durin

Nov. 21, 2024

Supermarkets in central Seoul to change mandatory closure day to Wednesday

The mandatory closing day for large supermarkets in a major tourist district in Seoul will be changed from weekends to weekdays, the industry ministry said Friday, adding to the convenience of its residents and foreign tourists alike. Starting later this month, large supermarkets in Seoul's central district of Jung will close their business on Wednesdays instead of Sundays. The latest decision is expected to add convenience not only for the residents but also the high number of foreign tour

Nov. 15, 2024

Hanwoo Day promotion offers up to 50% off Korean beef

A nationwide promotion of "hanwoo" -- Korean beef -- begins on Wednesday, with discounts of up to 50 percent off regular prices. The promotion will be carried out in 1,948 retail outlets across Korea, including major supermarkets, NongHyup Hanaro Mart and online hanwoo markets. The promotion is led by the Ministry of Agriculture, Food and Rural Affairs and organizations that manage beef production in Korea -- NongHyup Agribusiness Group, Hanwoo Association, and a semi-public promotio

Oct. 30, 2024

Bibimbap price continues to go up: data

The average price of bibimbap rose above 11,000 won ($8.10) in September, despite slowing inflation in food products in recent months, government data showed Monday. According to data from the Korea Consumer Agency, a bowl of bibimbap in Seoul cost 11,038 won on average in September, up slightly from 10,962 won the previous month. The bibimbap price has been on the upward trend since first surpassing the 10,000-won mark in January last year. Bibimbap and samgyetang were the only two dishes tha

Oct. 14, 2024

Smoothie King to end business in Korea

Smoothie King is set to fully withdraw from South Korea over the course of the next year. Smoothie King Korea, which operates the brand here, reportedly sent guides to close the shops by October 2025 on Friday. The company failed to extend the licensing contract with the Smoothie King headquarters in the US, and the US franchise requested to end the contract, a Smoothie King Korea official told local media. The brand first opened a location in Myeong-dong in central Seoul in 2003. It reached a p

Sept. 23, 2024

Cabbage prices soar 70% amid heat wave

Vegetable prices in South Korea have surged amid an unprecedented heat wave that has gripped the country for weeks, with the price of napa cabbage rising nearly 70 percent compared to last year. The price of a head of cabbage, the main ingredient for kimchi, retailed at 9,337 won ($7.02) on Thursday, according to the Korea Agro-Fisheries & Food Trade Corp. This marks a 69.5 percent jump compared to the same time last year and a 32.7 percent increase over the three-year average price. Continu

Sept. 20, 2024

Exports of instant noodles surpass $800m in Jan.-Aug.

South Korea's exports of instant noodles, also known as ramyeon, were estimated to have reached $800 million in the first eight months of this year, data showed Wednesday. The figure represents a 31.7 percent hike from the January-August period of last year, according to data compiled by the Ministry of Agriculture, Food and Rural Affairs. By country, outbound shipments to China grew 26.9 percent on-year to $160 million and exports to the United States jumped 61.5 percent to $140 million, m

Sept. 18, 2024

Only 12 pct of unsafe food imports taken off market for disposal: report

Only about 12 percent of food imports determined to be unsafe have actually been taken off the market, a lawmaker said Sunday, citing related government data. According to the data from the Ministry of Food and Drug Safety, an average of 12.5 percent of 141 import food items that had been ordered to be recalled since 2022 have actually been removed from the local market. Rep. Seo Mi-hwa of the main opposition Democratic Party said some of the recalled food items had a collection rate of over 80

Sept. 15, 2024

Korean export delegation visits Vietnam to enhance agricultural trade

A South Korean export delegation arrived in Vietnam on Monday for a weeklong trip aimed at promoting high-quality Korean agricultural products and facilitating their entry into the Vietnamese market. Led by officials from the Ministry of Agriculture, Food and Rural Affairs, the delegation includes a diverse range of exporters, such as manufacturers of fertilizers, eco-friendly agricultural chemicals, agricultural equipment, animal feed and machinery. Since 2018, the ministry has consistently s

Aug. 26, 2024

Franchises account for 70% of Korean chicken eateries: data

Crispy, double-fried, and an inseparable companion to cold beer, fried chicken is South Korea's beloved go-to snack for everything from sports viewing to late-night hangouts. But the country's $5.7 billion fried chicken industry, the world's third largest behind the United States and China, is showing signs of market saturation with a growing franchise dominance. Recent data from the Korea Fair Trade Commission and Statistics Korea paint a picture of a sector in flux as major fran

Aug. 26, 2024

Interpark Commerce seeks debt restructuring following TMON, WeMakePrice

Interpark Commerce filed for a debt restructuring program with the Seoul Bankruptcy Court on Friday, following in the footsteps of two sister e-commerce giants amid a liquidity crisis. The company's request for an autonomous restructuring support (ARS) program came 18 days after TMON and WeMakePrice filed for the same program to negotiate with creditors for rescheduling overdue payments. With Friday's decision, all three Korean e-commerce companies under Qoo10 are now subject to the co

Aug. 16, 2024

South Korea opens export of heat-treated chicken products to Britain

The government announced Tuesday the opening of exports for heat-treated chicken products, including frozen chicken, dumplings and the ginseng chicken soup known as samgyetang to Britain. This strategic initiative marks a pivotal entry into the British market following the successful negotiation of an export sanitary and quarantine agreement for such products with the European Union (EU) in December of the previous year. Bolstered by a robust strategic partnership established during the South Ko

Aug. 14, 2024

Overseas-based fashion brands flock to Korea

South Korea's fashion scene is drawing increased interest from well-known global brands, particularly those targeting young women. Several overseas-based labels, such as Alo Yoga, On, Brandy Melville and Human Made, are slated to enter Korea's market. These brands have already garnered a loyal following among young Koreans, who previously relied on overseas purchases to access them. This influx is driven by a confluence of factors. A key driver is the perception that Korean celebriti

July 19, 2024

[Graphic News] 6 out of 10 car owners consider buying eco-friendly vehicle: poll

Over 6 out of 10 automobile owners consider choosing eco-friendly vehicles as their next car, a poll showed. According to the poll conducted recently by consumer data platform Open Survey on 1,500 adults, 39.7 percent of car owners said they were considering a hybrid car primarily as their next vehicle. Gasoline cars came next, at 26.7 percent, followed by electric and diesel cars, at 24.1 percent and 5.9 percent, respectively. The combined rate of hybrid and electric vehicles in the poll stoo

July 10, 2024

Veteran singer’s rice wine production halted over labeling issue

South Korean ballad singer Sung Si-kyung's newly launched Korean rice wine, Kyungtakju, has been suspended from production for a month by the Ministry of Food and Drug Safety due to labeling irregularities. According to the regulator, information such as the product name, manufacturer, individual manufacturing number and the volume of the product were missing. This information is required on product labels even for sample products. Sung can still sell products that have already been pro

July 2, 2024

Naver's Webtoon Entertainment gains 10% on Nasdaq debut

Shares in online comics platform Webtoon Entertainment, a subsidiary of Naver in the US, rose around 10 percent in the first day of trading on Nasdaq on Thursday, giving the company a valuation of $2.92 billion. Webtoon Entertainment’s stock first opened at $21.30, and traded as high as $24. The stock price eased off the peak to close at $23. Through the initial public offering, Webtoon Entertainment is estimated to have raised $315 million, selling 15 million shares. The company earlier a

June 28, 2024

Same price, less content: 33 products accused of 'shrinkflation'

A state-run agency said Thursday it has found 33 products that have downsized but maintained the same price in an inspection of so-called "shrinkflation" in the country. The Korea Consumer Agency, under the Korea Fair Trade Commission, inspected the products currently being circulated in the market to check the state of shrinkflation, which refers to a manufacturer downsizing a product while retaining the price as an alternative to raising the price. The agency used its price informa

June 13, 2024

Korea's value-focused coffee chains' enjoy high profits, contrary to low profits of licensed store owners

Value-focused coffee chain operators, such as Mega MGC Coffee and Compose Coffee, have grown rapidly in South Korea, thanks to increasing demand for affordable coffee products. While the number of such stores has been increasing across the country, concerns are mounting as the owners of licensed stores suffer amid low margins from selling cheap beverages, while chain operators enjoy higher operating profit margins. According to earnings reports for 2023, the operating profit margin of Mega MGC C

June 7, 2024

Shinsegae, CJ forge all-round partnership to beat retail rivals

South Korea’s retail giants Shinsegae Group and CJ Group have agreed to cooperate on logistics and retail businesses to compete with domestic and overseas rivals. The two retail giants signed a memorandum of understanding Wednesday for their partnership centering on the Shinsegae Group e-commerce platform’s utilization of CJ Group’s nationwide logistics network. According to their announcement, CJ Logistics will be in charge of deliveries of goods sold on Shinsegae Group’

June 6, 2024

'Just heading to the convenience store to grab some... gold'

Convenience stores in South Korea these days are in a league of their own. Along with everyday essentials and quick bites, they also sell fried chicken, fresh fruit, liquor and some expensive items like smartwatches, tires and even cars. Now, they are selling the sought-after safe-haven asset for investors: gold. Retail industry insiders attribute convenience stores’ rise as a place to buy gold to their accessibility and trustworthiness the nationwide retail franchises have established as

June 4, 2024