Shinsegae Department Store’s Gangnam branch records over W2tr in annual sales

Shinsegae Department Store said Tuesday its Gangnam branch recorded annual sales of 2 trillion won ($1.71 billion) in 2019, becoming the first single store to do so in the retail industry in South Korea.According to Shinsegae, its Gangnam branch in Seoul saw annual turnover exceed 1 trillion won in 2010, hitting the milestone just 10 years after it opened.  With the 2019 record, the department store joins the “2-trillion club” to stand shoulder to shoulder with global department

Jan. 8, 2020

Samyang Group chairman vows bold investments, M&As in 2020

Samyang Group Chairman Kim Yoon said in his New Year’s address that the company would overcome challenges and prepare for the future this year. During a New Year’s meeting on Thursday, he also vowed to make bold overseas investments, acknowledging that the group’s assets and business activities are overly focused on the Korean market.  “Both markets at home and abroad will be much more difficult this year,” Kim said, suggesting four strategies for the group&rsq

Jan. 3, 2020

McDonald’s McCafe launches decaf coffee drinks

McDonald’s said Thursday that its coffee brand McCafe has newly launched decaffeinated coffee drinks with the aim of attracting local customers who are sensitive to caffeine and heavy coffee drinkers.According to the company, McCafe will present four decaffeinated coffees -- Americano, McCafe Latte, Cappuccino and Espresso -- to offer a variety of choices for customers seeking to control their daily caffeine intake.The drinks in medium-sized cups cost between 1,000 won ($0.86) and 2,000 wo

Jan. 2, 2020

Retailers launch mouse-inspired goods to celebrate ‘Year of White Mouse’

With 2020 marking the “Year of the White Mouse,” retailers rolled out mouse-inspired products, luring consumers with limited edition goods and special marketing in celebration of the new year. Based on the Chinese zodiac, the white mouse is the first of the 12 animals and considered the leader of the mice, symbolizing wealth, fortune and prosperity. Due to ambiguity in the Chinese characters, 2020 may also be referred to as the Year of the Metal Rat. According to Starbucks Korea, it

Jan. 1, 2020

Coupang to construct its largest fulfillment center in Daegu

Coupang said Monday it would build a high-tech mega fulfillment center in the Daegu National Industrial Complex, in Daegu. Holding the groundbreaking ceremony, the e-commerce platform said it will invest 320 billion won ($276 million) to build a mega-sized fulfillment center covering 330,000 square meters, that is equivalent to about 45 soccer fields. The construction is expected to be completed in 2021. According to Coupang, the fulfillment center will serve as the key hub in the company&r

Dec. 30, 2019

[Best Brand] Powerful-X wins marketing award for contributions in sports industry

Sports beauty company Powerful-X has been recognized for its contributions to the development of the sports industry, winning this year’s Sports Marketing Award given by the Ministry of Culture, Sports and Tourism as well as the Korean Sports and Olympic Committee. The health care cosmetics company, known for its pain relief cream, won at the fifth annual Sports Marketing Award ceremony for athletes, organizations and companies that contributes to development in the sports industry by the

Dec. 30, 2019

Keyword for shopping in 2020: ‘Hyolo’

EBay Korea, which operates South Korea’s leading online retailers Gmarket, Auction and G9, chose “Hyolo” as its keyword for shopping trends in 2020, reflecting the increasing number of shoppers living alone and their desire to live life to the fullest. Hyolo combines the Korean word “holo,” which means “alone” in English, and “YOLO,” the acronym for “You Only Live Once.” EBay Korea forecast that the major consumer segment in 2020

Dec. 30, 2019