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South Korea’s foodservice industry thriving despite rumours
Rumours that South Korea’s foodservice industry is in a slump have been scotched by new data showing the sector is actually growing at a steady 9 per cent annually And it’s the thriving coffee sector which is driving much of the growth. Analysts say the gap between business sentiment and the real economy is widening as the polarisation between sectors is deepening.
Hyundai Department Store aims to eliminate paper receipts
Hyundai Department Store says it will launch an electronic receipt issuance service with the aim of “zero” paper receipts within three years. Electronic receipts will be issued in the form of the automatic issuance of receipts through mobile applications instead of paper receipts when purchasing goods. Last year, about 160 million paper receipts were issued by Hyundai Department …
GS25 opens futuristic c-store concept
South Korean convenience-store chain GS25, owned by GS Retail, has opened a futuristic convenience store without a checkout counter in Jung District, Seoul this week. The store, which is located in the headquarters building of a local credit card company BC Card, is similar to Amazon Go, checkout-free offline malls in the US. One can enter the convenience store by scanning a BC Paybo…
South Korean beauty firms flourish as hopes rise of end to China sanctions
Stocks of major South Korean cosmetics and duty-free operators traded higher yesterday amid hopes that China may lift its retaliatory economic measures under way for years against Seoul’s decision to deploy a US anti-missile system there. AmorePacific, the country’s largest cosmetics maker, closed at 232,000 won (US$200), up 5.22 per cent from the previous session’s close, after touching as high as 236,000 won, the highest…
Discount wine boosting footfall in South Korean stores
South Korea’s retail industry is discovering discount wine is a strong driver of customer growth in brick-and-mortar stores. Wine consumption has been on a steady rise for years, but selling alcoholic beverages online is illegal in South Korea, so the category is a drawcard for customers who might otherwise shop online. In response, the industry is using a strategy to put out cheaper…
Fashion shoppers seeking brands which reflect their values
Fashion shoppers will choose their preferred brands in the year ahead based on the beliefs and values they seek, not past loyalties. The Samsung Fashion Institute says consumers’ needs will be increasingly fragmented this year and brands are also expected to carry out sophisticated target strategies. The institute noted, in the same context, that the nature of the fashion industry …
South Korean retailers embracing rat marketing strategies
As the 2020 is the Year of the White Rat on the Chinese zodiac calendar, South Korean retailers are planning rat-related products and special promotional events. Emart24, Shinsegae Group’s convenience-store chain, will begin selling white mouse-shaped marshmallows made by the German company Aseli from tomorrow. Furthermore, Shinsegae Department Store began selling rat-shaped cakes …
Robots replace staff in South Korean chain Genesis BBQ
Genesis BBQ, a major South Korean fried-chicken chain, opened a new ‘smart store’ in Seoul’s Songpa District this month. There are no employees to take orders at the store. Instead, there are tablet PCs on each table that are used to order food. The food made in the kitchen is then served by food bots, self-driving robots that deliver the food to the customers.
Korean retailers move to capitalise on ‘petfam’ trend
With a growing number of so-called ‘petfam’ South Koreans regard their companion animals as family members, the retail industry is launching various marketing campaigns to target this new demographic.
BTS pop-up store heads to Mexico
A BTS pop-up store will be reaching the Army (BTS fans) in Mexico next week. Big Hit Entertainment, the agency managing global K-pop sensation BTS, announced that House of BTS in Mexico City will open at Plaza Carso, a shopping mall in Mexico City, from December 13 until January 26. A House of BTS Pop-up store first opened in Seoul last October.
Shinsegae’s No Brand Burger stores dominating Korean market
The No Brand Burger from Shinsegae Food, the food manufacturing arm of South Korean retail giant Shinsegae, are dominating the South Korean hamburger market. Analysts say that Shinsegae’s cost-effectiveness strategy for its new No Brand Burger restaurants is behind such growth. The company managed to lower the price by more than 1000 won (US$0.84) compared to its competitors while …
Shops without stock draw crowds in South Korea
There’s a new trend capturing South Korean consumers’ attention: shops without stock, focusing on experience rather than instant retail sales. With a growing number of consumers choosing and purchasing products online or on mobile devices, hands-on stores that target such customers are becoming a new marketing trend. Amore Seongsu, which opened in early October as a customer experie…
