Recently, Korea’s retail giants have been announcing plans to develop shopping malls. Retail professionals view this as a result of changes in shopping trends, the adoption of international shopping culture and increased leisure time. But how have local shopping malls been developed so fast in terms of the needs of developers and tenants?Low commission rates and brand identityShopping malls embrace not only global specialist private-label apparel, or SPA, stores but also brands that failed to se

Industry April 24, 2012

Samsung, LG, POSCO, Lotte seek bilingual, ambitious employees who understand  Local cultureA surging number of Korean corporations are dipping into the global labor pool in efforts to expedite their overseas operations and better reflect localized needs. With their business fast expanding in emerging markets, LG, POSCO, Samsung and other gone-global firms are courting young and experienced talent overseas who are bilingual, ambitious and competent, and have an understanding of the industry and K

Industry April 24, 2012

Pan-governmental measures include a new petrol  supplier, tax breaks for discount gas stations and electronic trading Samsung Total Petrochemicals Co. is set to break into the tightly controlled retail petrol market as part of the government’s across-the-board drive to rein in skyrocketing gas prices and revamp Korea’s fuel supply structure. A pan-governmental task force headed by the Ministry of Knowledge Economy unveiled the proposal on Thursday, which also envisages an upsurge in electronic t

April 19, 2012

GS Group chairman Huh Chang-soo on Wednesday emphasized the corporation’s role in promoting fair competition and corporate citizenship to build public trust and attain sustainable growth.He pledged to scale up the Korean conglomerate’s social contribution programs and foster co-prosperity with its smaller suppliers and subcontractors.“Being accepted as a respectable corporate citizen is as critical as running a successful business,” Huh said in a meeting with executives in Seoul. “That’s what we

Industry April 18, 2012

CEO vows to turn Paju R&D into high-tech display meccaLG Display announced Tuesday that it opened a research and development center which would focus on developing next-generation display panels, including the organic light-emitting diode displays, in Paju, Gyeonggi Province.Built on 68,572 square meters of land, the 15-story building will bring together researchers and developers as well as those involved in OLED projects for better performance, according to company officials.According to an LG

Industry April 17, 2012

 Before sunrise on March 8 in Myeong-dong, one of Seoul’s top shopping districts, dozens of people lined up in front of an H&M store. Some had spent the night on the street. They were waiting to get limited edition clothing from a collaboration between H&M’s specialty retailer and premium brand Marni. Freezing weather was not their first concern. The “Marni at H&M” edition went on sale that day globally and were sold out in Korea a few hours after the store opened. According to the companies, Ko

Industry April 17, 2012

Samsung Electronics chairman Lee Kun-hee said Tuesday he will not back down in the inheritance battle with his siblings, vowing that he will even take it to the Constitutional Court.“If they file suits against me, I will take the same actions and I am even thinking of going to the Constitutional Court, taking it a step further than the Supreme Court,” he said. “I have no intention of giving them any money.”Indicating that the property-sharing already took place between the siblings, CJ Group has

Industry April 17, 2012

Korea Hydro & Nuclear Power Co. chief executive Kim Jong-shin stepped down on Monday amid simmering criticism over recent power outages and cover-up attempts an atomic plant. His resignation will be accepted by Cheong Wa Dae and the selection process for his successor will be under way soon, Knowledge Economy Minister Hong Suk-woo said. “I’ll try naming his successor quickly so as not to create a vacuum in the company’s operations,” Hong told reporters at a meeting. The country’s sole nuclear pl

Industry April 16, 2012

Farmers in North Jeolla Province are stepping up efforts to spur exports of food and beverages made with “bokbunja,” a wild blackberry indigenous to the region, to carve out a niche market and foster the local economy.The Jebba Food & Beverages Corp. was launched in early 2011 to spearhead their campaign, representing bokbunja growers in Gochang, Sunchang and Jeongeup in the country’s southwest. The wild fruit has been a major part of the region’s agriculture since its residents first started cu

Industry April 16, 2012

Bokbunja, a Korean wild black raspberry, has for decades been widely consumed by local residents around the country. Its popularity has been increasing in recent years due to its supposed antioxidant, anticancer and beauty effects. The market for bokbunja-based food and beverages has grown nearly five-fold in seven years to about 200 billion won last year, according to the Jebba Food & Beverages Corp., a guild of bokbunja growers in North Jeolla Province. The fruit contains four times as much an

Industry April 16, 2012