With China abolishing measures to quarantine its travelers starting 2023, South Korean duty-free shops are expecting a boost in its earnings, according to industry sources Monday. China's National Health Commission announced recently that starting Jan. 8, overseas entrants to China will no longer need to be quarantined or take PCR tests upon returning to the country. This marks the first time in three years since the pandemic broke loose that Chinese tourists will be able to travel abroad w

Smaller rivals – SSG.com, Kurly, Oasis – bracing for stock debuts; fiercer competition among players to spur innovation in logistics

Use-by date, not sell-by date, to be adopted from next year, with milk being the only exception

Lee Jae-yong wears a Samsung brand publicly for the first time

US-originated convenience store chain 7-Eleven is speeding up to complete the ongoing conversion of Ministop stores by the end of next year as the Korean operator owned by Lotte Group aims to cement its market position among the nation’s top three convenience store operators, according to Korea Seven on Wednesday. Lotte CVS 711, a Lotte affiliate, recently transferred an additional 20.5 billion won ($16 million) to Korea Seven, the local operator of 7-Eleven stores, to expedite switching M

Popular hotel chains are tightening criteria for VIP memberships and slashing generous benefits in a move to brace for lackluster sales next year, according to industry sources on Tuesday. Starting Jan. 1, Lotte Hotel, the nation’s largest hotel chain, will raise the bar to qualify for its Rewards Membership. Currently, classic, silver, gold and platinum memberships are awarded based on the customer's number of stays at Lotte chain hotels nationwide. A customer must now stay over at a

A promotional poster for Paris Baguette's Christmas seasonal cake "Snow Wishing Tree" is pictured. The coffeehouse-to-bakery chain, owned by SPC Group, has unveiled this year's Christmas cake lineup consisting of five tree-shaped cakes.

Hyundai Department Store's fashion retail arm Handsome said Thursday it inked three separate exclusive domestic distribution contracts with foreign designer brands, in a drive to expand its overseas fashion portfolio. The fashion retailer clinched exclusive deals with US designer brands Gabriela Hearst, Veronica Beard and Swedish fashion brand Toteme. French luxury brand Chloe's creative director Gabriela Hearst's eponymous clothing brand was launched in the US in 2015 and focuses

In a bid to strengthen the nation's food technology industry, the government unveiled its plan on Wednesday to incubate 30 unicorn startups and aim to quadruple food-tech related exports by 2027. According to the Ministry of Agriculture, Food and Rural Affairs, food-tech refers to a newly rising industry which applies state-of-the-art technologies such as biotechnology, and artificial intelligence to various processes including preservation, processing, packaging, distribution, and use of

Supermarket chain K-Market boasts over 130 outlets in Vietnam, with over 90% of staff hired locally

South Korean food giant Pulmuone’s US affiliate Pulmuone Foods USA said Tuesday it has secured deals with 18 major US university campuses to supply plant-based foods. Pulmuone had forayed into the US market in 2014, working with one of the US’ largest college food service providers UMass Dining to supply plant-based food products such as vegan steaks to universities and restaurant chains. Under its partnership with UMass Dining, the food giant signed a contract to supply its plant-ba

South Korea’s imports of camping and hiking equipment rose 2.5 percent on-year through October this year, data showed Wednesday, as more people enjoyed activities avoiding crowds amid the pandemic. The combined imports of leisure equipment, including camping and hiking gear, came to $304 million in the January-October period, rising from $297 million posted a year earlier, data compiled by the Korea Customs Service showed. It also marked a sharp rise from just $148 million posted for all o

Over half of retail business owners, or 55.3 percent, who were surveyed projected a gloomy outlook for 2023, as business sentiment among them seemed worse than pre-pandemic levels. According to a survey conducted by the Korea Chamber of Commerce and Industry on 300 retail business owners that was released Sunday, respondents predicted an average of 1.8 percent growth in the retail sector next year, compared to this year’s estimated 5.9 percent growth. “Despite expectations about econ

Apparel prices surged by the largest margin in more than a decade last month, government data showed Monday. According to data from the Korean Statistical Information Service, in November, the consumer price index for clothing and shoes in the country put prices at 107.33 -- up 5.5 percent from the same month last year. CPI gauges the measure of the average change in prices for a fixed-market basket, or a fixed list of goods and services of constant quantity, purchased by South Korean consumers

Oriental Brewery's flagship beer brand Cass secured the top market share in the domestic beer market in October and seeks to continue its momentum via various promotions related to the World Cup, said the country's largest beer maker Wednesday. According to market research firm Nielsen Korea, Cass logged the largest market share in the off-trade market for the beer industry in October. Off-trade market refers to retail outlets such as hypermarkets, supermarkets, convenience stores and