Prosecutors on Thursday morning raided 10 offices, including those of Lotte, SK, the Korea Customs Services and the Ministry of Strategy and Finance, in its investigation of suspected foul play in the companies’ bid for duty-free licenses. Lotte headquarters in Seoul (Yonhap)The Finance Ministry and the Customs Service are responsible for deciding which corporations receive licenses to operate duty-free stores here. This is the first time in ten years that the Finance Ministry has been raided by

Industry Nov. 24, 2016

(Shinsegae Duty Free)SHINSEGAE’S PARTNERSHIP WITH ALIPAY -- Shinsegae Group signed Wednesday an agreement with Chinese mobile payment solution Alipay, expanding their cooperation beyond department stores and duty-free stores to include five major affiliates including Shinsegae Property, E-mart, Withme, Starbucks Coffee Korea and Shinsegae Simon. From left: Yang Chun-Man, CFO and executive vice president of corporate office at Shinsegae Group, Kweon Hyeuk-Goo, president of Shinsegae Corporate Off

Industry Nov. 23, 2016

Korean Air is pulling back on its destinations in the Middle East, instead opting to focus on in-demand routes to the western United States, the company said Wednesday.The airline said that it would temporarily cut flights with low demand. These include the Incheon-Riyadh-Jeddah route from Korea to Saudi Arabia, which will be indefinitely suspended starting February. Korean Air said in a statement that Saudi Arabia’s recent economic hit from low oil prices and decreasing plant projects had reduc

Industry Nov. 23, 2016

Competitiveness in the retail sector will increasingly hinge on the ability of companies to integrate their online and offline strategies, according to experts speaking at the second “New Retail Trends and Future Growth Strategy” conference Tuesday.The conference, hosted by the Korea Chamber of Commerce and Industry, invited specialists from Korea, China and Japan to share their insights on the developments of the retail industry in each country and their future direction. Accenture Managing Dir

Industry Nov. 23, 2016

Korean cosmetics giant AmorePacific announced Monday that total sales of its iconic cushion compacts have surpassed 100 million worldwide. The compacts, which include a patented sponge cushion soaked with various liquid cosmetic products including sunblock, makeup base, and foundation, have become a sensation after reaching blockbuster status here. AmorePacific's cushion compacts (AmorePacific)After selling more than 33 million cushion compacts in 2015 alone, the company surpassed the 100 millio

Industry Nov. 21, 2016

Herald Corp.’s organic food developer Organica has acquired convenience food producer Damyeon to expand its premium fresh food offerings, the company said Monday.Damyeon is a supplier of food such as lunch boxes, triangle gimbap and sandwiches to major convenience store chains such as CU and 7-Eleven. Its best-known products include the Hyeri lunch box sold through 7-Eleven and the Baek Jong-won lunch box sold through CU. The company has forecasted 47 billion won ($39.7 million) in sales this ye

Industry Nov. 21, 2016

Hotel Shilla, which operates The Shilla Duty Free, has opened its first overseas city outlet in Phuket, Thailand, the company said Sunday. Shilla Duty Free in Phuket(Hotel Shilla)The Shilla Duty Free in Phuket is Hotel Shilla's first duty-free store outside of an airport. Hotel Shilla currently operates outlets in Changi Airport in Singapore and Macau International Airport. Its overseas operations make up more than 15 percent of total revenue.The Phuket outlet is a 15-minute distance from the fa

Industry Nov. 20, 2016

Korea’s two full-service airline carriers are seeing different outcomes in conflicts with their respective pilot unions as they face a market that is becoming increasingly dominated by low-cost carriers.Korean Air and Asiana Airlines have long been suffering from struggles with their pilot unions as negotiations about wage increases came to a standstill.On Wednesday, Asiana Airlines’ pilot union announced through its website that it had reached a tentative agreement with its management for the y

Industry Nov. 20, 2016

The Korean government is set to decide Friday whether it will allow Google to put a detailed map of the country on the company’s global servers.The decision, delayed by the government from an initial August deadline, comes aid trade uncertainties following Donald Trump’s election as the next US president. It will be the first time a joint government committee provides a decision on whether detailed cartographic information supplied by the government can be exported by the foreign firm.Ahead of t

Industry Nov. 17, 2016

Seoul’s Myeong-dong street was ranked the eighth most expensive retail street in the world, according to a report by real estate service company Cushman & Wakefield Thursday. (Cushman & Wakefield)Cushman & Wakefield’s “Main Streets Across the World 2016/2017” priced real estate in Seoul’s shopping district Myeong-dong at $908 per square foot (0.093 square meter) per year, with an outlook to further rise. Although consumers in South Korea are increasingly turning online for shopping, the report s

Industry Nov. 17, 2016

Employee diversity and exposure to global markets are two major areas that need to be improved in Seoul‘s growing startup ecosystem, according to the first edition of a white paper released by the Korea Startup Ecosystem Forum Wednesday.The research found that just 9 percent of surveyed startup founders were female, and only 17 percent of the surveyed companies had one or more non-Korean employee. This is low when compared to Silicon Valley where female CEOs account for 24 percent and 45 percent

Industry Nov. 16, 2016

Tous Les Jours has opened its first two branches in Mongolia, making it the first Korean bakery chain to enter the Mongolian market, the company said Tuesday.Both new branches are located in Ulaanbaatar, Mongolia’s capital, and opened within two weeks of each other. Tous Les Jours signed a master franchise contract to open the stores with a local company in May.   Customers crowd Tous Les Jours’ first branch in Mongolia on its opening day. (Tous Les Jours)According to the company, over 2,000 peo

Industry Nov. 15, 2016

Starbucks Korea is on its way to recycle 100 percent of its stores’ used coffee grounds by 2018, furthering its efforts to contribute to environmental conservation, the company said Tuesday.  The company has launched an environmentally conscious campaign to make and donate compost from used coffee grounds to help local farms and communities. This year, the campaign will collect 3,500 tons of used coffee grounds from Starbucks stores here.  Starbucks employees and volunteers pose at Seoul Forest

Industry Nov. 15, 2016

South Korean Foreign Minister Yun Byung-se left for New York on Saturday to attend the U.N. General Assembly meeting, part of his brisk diplomacy to craft tough international sanctions against North Korea over its latest nuclear test.During his attendance at the U.N. meeting between Saturday and Thursday, Yun plans to hold a series of bilateral and multilateral meetings with his foreign counterparts, including U.S. Secretary of State John Kerry and Japanese Foreign Minister Fumio Kishida, to dis

Diplomatic Circuit Sept. 17, 2016