Korean companies operating in China are exiting the market, as anti-Korean sentiment stemming from intergovernmental tensions over Korea’s deployment of an American anti-missile system continues to hit sales.　On Friday, Lotte Shopping said in a disclosure that it had “selected a managing firm and is considering selling Lotte Mart’s stores in China, but no details have been decided at present.”　On Thursday, reports citing sources at Lotte said that Lotte Shopping had decided to sell its Lotte Mar

Industry Sept. 15, 2017

Early Tuesday morning, about 30 villagers gathered at a field in Asan, South Chungcheong Province, to begin the most important day of the year. The field has been contracted by the Korea Ginseng Corporation to grow prized six-year ginseng roots. After two years of nourishing the soil and six years of growth, the roots are finally ready to be unearthed.Tractors begin to turn the soil, bringing the golden-brown roots to the surface. The villagers begin dusting the soil off the roots and placing th

Industry Sept. 15, 2017

Korea’s largest duty-free store operator officially requested that the country’s gateway airport lower its rents, as the tax-free industry continues to struggle, sparking speculation as to whether the move will lead to a downward trend in airport duty-free rents across the board.According to Lotte Duty Free on Wednesday, the company sent an official letter to Incheon International Airport Corp. asking that the airport adjust its rent prices to be proportional to its sales.“Right now, we are payi

Industry Sept. 14, 2017

Students from the Department of International Tourism Studies at Toyo University in Japan pose at Gimpo Airport‘s international arrivals terminal Wednesday. A total 385 freshmen and professors were invited to visit Asiana Airlines’ main facilities in Seoul, including the company‘s headquarters, control center and training center, from Wednesday to Friday. The program aims to provide a hands-on experience of the skills required in the airline industry, according to Asiana. (Asiana Airlines)

Industry Sept. 13, 2017

The son of former MP Group Chairman Jung Woo-hyun will be stepping down from his post as a board member following his father’s resignation due to unfair business practices, according to the company Tuesday.According to MP Group, Vice Chairman Jung Sun-min’s resignation will be made official at a shareholders meeting to be held in late October.“It was decided long ago that Vice Chairman Jung would step down, but the official announcement was delayed to put together the shareholders meeting,” said

Industry Sept. 12, 2017

The fate of Kumho Tire, the nation’s second-largest tiremaker, hangs in the balance as Kumho Asiana Chairman Park Sam-koo has prepared a management plan to be submitted to creditors on Tuesday to persuade them to keep him on board as top brass, and to open another opportunity to buy back the beleaguered tire company.Creditors of the tire company led by Korea Development Bank have asked Park to submit a proposal to revive the flailing finances of the tire company, which saw a 50.7 billion won ($4

Industry Sept. 11, 2017

E-commerce firms are seeking strategies such as linking up with artificial intelligence and exclusive products to increase profitability, as consumers continue to shift their shopping tendencies to mobile platforms. According to numbers from Statistics Korea, in July mobile shopping transactions reached over 4 trillion won ($3.53 billion) for the first time, rising 35.1 percent on-year. Mobile shopping made up 62 percent of all online shopping.The rise in sales transactions has not been accompan

Industry Sept. 10, 2017

Downtown duty-free operators are preparing to open boutiques for in-demand luxury brands in the hope of restoring sales that have fallen with a drop in the number of Chinese tourists visiting Korea.Shinsegae DF, which opened up Cartier and Fendi stores in August, is preparing to open stores for Louis Vuitton and Dior later this month. Shoppers in the fashion section of HDC Shilla Duty Free in IPark Mall (HDC Hyundai IPark Mall)HDC Shilla Duty Free is also preparing a Louis Vuitton boutique at it

Industry Sept. 7, 2017

The chief executive of McDonald’s Korea on Thursday sent out an official statement expressing regret over panic caused by suspected links between health dangers and McDonald’s burgers.“I deeply regret that customers who visited our restaurants may have experienced any related illness,” McDonald’s Korea Managing Director Melanie Joh said in the statement. This is the first time that the company’s leadership has officially expressed regret over the issue.A consumer walks by a McDonald's store in S

Industry Sept. 7, 2017

Complaints about unexpected side effects from using sanitary pads have spiked since mid-August when information regarding the materials used in these products were released, according to the Food and Drug Safety Ministry on Wednesday.Since Aug. 21, a total of 74 complaints have been lodged with the Korea Institute of Drug Safety and Risk Management concerning the use of menstrual care products. There were no complaints regarding menstrual care products reported before Aug. 20. The complaints mos

Industry Sept. 6, 2017

South Korea saw its greatest deficit ever in tourism balance in July this year, with the imbalance expected to continue amid tensions with China and North Korea, and the upcoming Chuseok holiday luring Koreans to travel abroad.According to numbers from the Bank of Korea on Tuesday, the travel trade balance hit a $1.79 billion deficit in July this year, representing the lowest point ever. The balance fell by 40.8 percent compared to July last year.Travelers leaving Korea wait to check-in at Inche

Industry Sept. 5, 2017

Cigarette maker KT&G is offering 3 billion won ($2.65 million) to help fund young entrepreneurs creating social enterprises, according to the company Tuesday. From left: KT&G chief of sustainability management HQ Lee Sang-hak, Social Solidarity Bank CEO Kim Yong-deog and Underdogs CEO Kim Jeong-heon sign the KT&G SangSang Startup Camp memorandum of understanding at Seoul Innovation Park on Tuesday. (KT&G)KT&G signed an agreement Tuesday with Social Sustainability Bank and Underdogs to start the

Industry Sept. 5, 2017

Personal care products company Yuhan-Kimberly on Monday released an official statement questioning the validity of a study conducted last year on the toxicity of sanitary pads being sold in Korea.“The Food and Drug Safety Ministry has stated that the scientific validity of the study is questionable, which is why we are waiting for the results of the government’s ongoing study instead before making any definitive claims,” a spokesperson for the company said. The statement came after news reports

Industry Sept. 4, 2017

Lotte Duty Free is considering pulling its duty-free business out of Incheon Airport’s Terminal 1 in the wake of falling sales, according to an official with the company Monday.“We are in the midst of negotiations with the airport to adjust rent costs, but closing our outlet at the airport is a serious consideration,” the official said. Korea’s largest duty-free operator has seen sales numbers decrease sharply, following tensions between China and Korea due to the latter’s decision to deploy an

Industry Sept. 4, 2017

Audiophiles in Korea are shelling out for high-end headphones as technology for audio players continues to improve and headphones are marketed as accessories.“Once you hear a song through expensive headphones, it never really sounds the same after that,” said a 38-year-old businessman surnamed Kim, who was trying out a different headphones at the Sony store in the upscale Apgujeong area.“At first I thought that it was ridiculous to spend more than 100,000 won on a pair of headphones. But after t

Industry Sept. 1, 2017