Duty-free operators in South Korea are reducing their organizations and store sizes as sales struggle to rebound in the face of falling numbers of tourist shoppers from China. The once highly lucrative industry had been heavily dependent on group tourists from China, who swept Korean cosmetics and other products off store shelves. However, these groups sharply fell off earlier this year when Beijing imposed an unofficial travel ban on Korea following Korea‘s decision to install an American anti-

Lotte has decided to borrow another $300 million to support Lotte Mart in China, according to the company on Thursday, as the discount chain continues to struggle amid negative Chinese consumer sentiment toward Korea.The funds will come through Lotte Shopping Holdings in Hong Kong, which owns the Lotte Mart China corporation. This the second loan made to Lotte Mart China, following an initial loan in March of a similar amount. A consumer passes by a closed Lotte Mart in China. (Yonhap)In March,

American food company Yum! Brands has sold its 100 percent stake in Pizza Hut Korea to a Korean investment firm, according to Pizza Hut Korea on Thursday.The stake was sold to Orchard One Inc., a corporation set up by an investment firm called KHI for this deal. An official speaking for Pizza Hut Korea declined to comment on the sale price, citing a non-disclosure agreement.The company said through a statement that the sale aimed to create a “more flexible organization and streamlined decision-m

Food group SPC plans to expand its Paris Baguette bakery chain to 300 stores in the United States by 2020, according to the company Wednesday.SPC Chairman Hur Young-in said that he would pursue this expansion and create 10,000 jobs by 2020 during a meeting with members of the US House of Representatives on Tuesday at SPC’s headquarters in Seoul. SPC Group Chairman Hur Young-in (right) and Republican Rep. Ed Royce of California meet at the SPC headquarters in Seoul on Tuesday. (SPC)Reps. Ed Royce

Shareholders of four Lotte companies approved a plan to set up a holding company Tuesday, in a move that is expected to tighten the grip of Chairman Shin Dong-bin as the group faces increasing internal and external difficulties.Lotte Confectionery, Lotte Shopping, Lotte Chilsung Beverage and Lotte Food held respective shareholder meetings Tuesday morning to vote on merging the four companies’ investment entities into one holding company.All four companies agreed to the plan, with 86.5 percent, 8

Ikea Korea‘s second store in Korea will open in Goyang, Gyeonggi Province on Oct. 19, the company said on Tuesday. Ikea Korea Country Retail Manager Andre Schmidtgall gives a press presentation at Bread Comma Café in Seoul on Tuesday. (Ikea)“We had heard from customers that they wanted us to come closer to them, and that sometimes our (existing) store is too crowded,” Ikea Korea Country Retail Manager Andre Schmidtgall told reporters at the Bread Comma Cafe in Seoul.According to Schmidtgall, the

Oriental Brewery is targeting young consumers who enjoy drinking at home with canned cocktails called MixxTail Ice, according to the company Monday.MixxTail Ice, which comes in two flavors, is the second product in the MixxTail line launched in May last year in bottled form. MixxTail Ice (OB)With an alcohol content of just 3 percent and convenient packaging, MixxTail Ice is an easy way to enjoy high-quality cocktails, according to the company. The canned cocktails have a lower alcohol content th

The five private brands operated by Lotte Department Store will be rebranded under the umbrella brand Eliden, according to the retailer Sunday. An image of the new Eliden Home store to open in Lotte Department Store Jamsil Thursday. (Lotte Department Store)Since 2005, Lotte has been operating five private brands targeting various consumer sectors including young womenswear, contemporary womenswear, accessories, menswear and home design.Eliden, the first private brand launched by Lotte, will keep

Women are seeking out toxin-free alternatives to disposable sanitary pads and tampons, as the government continues to struggle in providing clear answers about potential health risks associated with compounds found in existing products.The Ministry of Food and Drug Safety said Sunday that it had started conducting a study as of Friday on “all sanitary pads produced or imported in the past three years,” focusing on determining levels of volatile organic compounds.“Volatile organic compounds” is a

The chief of GS Group on Friday urged the group‘s top executives to pursue "agility" in managing their teams in a rapidly changing business climate during a two-day meeting, officials said Sunday. GS Group Chairman Huh Chang-soo (GS)“GS must be able to pull forth its employees’ creativity and talent using stable and efficient processes,” GS Group Chairman Huh Chang-soo said at the 13th annual GS CEO Strategy Meeting held at the Elysian Gangchon in Gangwon Province on Friday.“Our organization mus

Shinsegae Group is preparing to make a “shocking” announcement at the end of the year regarding its future strategy in online shopping, according to the group’s Vice Chairman Chung Yong-jin Thursday.Chung made the remarks at the opening ceremony for Shinsegae’s third shopping mall under the Starfield brand, Starfield Goyang, in Gyeonggi Province.  Shinsegae Vice Chairman Chung Yong-jin attends the grand opening of Starfield Goyang on Thursday. (Shinsegae)“It is true that Shinsegae was considerin

The shopping and entertainment complex Starfield Goyang held its grand opening Thursday in Gyeonggi Province. “In preparing Starfield Goyang, we thought hard not only about hardware, such as construction and interior design, but also software such as content, branding, and consumer convenience,” said Shinsegae Vice Chairman Chung Yong-jin at the opening ceremony. Shinsegae Vice Chairman Chung Yong-jin attends the grand opening of Starfield Goyang on Thursday. (Shinsegae)The megamall, which inclu

Uncertainty continues to surround the taxes to be levied on heat-not-burn tobacco sticks sold in Korea, throwing consumer prices into question.According to the National Assembly on Thursday, floor discussions on the proposed amendment to raise consumption taxes on heat-not-burn tobacco to the same level as traditional combustible cigarettes were pushed back to Monday by the parliamentary finance committee Wednesday.The proposed amendment had reached bipartisan agreement the day before in the fin

Hanjin Group Chairman Cho Yang-ho (Hanjin Group)Hanjin Group Chairman Cho Yang-ho, and his wife have postponed their appearances for questioning before police due to health issues, police said Wednesday.“The chairman formally requested postponing questioning because he is unable to take a long flight from the US, where he is receiving treatment,” said a spokesperson for Hanjin. “It is unclear when the police will call him again for questioning.”Cho and his wife Lee Myeong-hee are facing allegati

A cargo plane of Asiana Airlines (Asiana Airlines)Asiana Airlines said Wednesday that it would be focusing on strengthening its specialized freight services as a future driver of growth. In the first half of 2017, Asiana saw 598.5 billion won ($529 million) in revenue from freight services, up over 100 billion won from last year. “The rise was mainly due to a rise in freight demand in the IT sector,” said an official with Asiana Airlines. “We do not currently have plans to add freight aircraft,