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Reporter : Kim Jae-heun
Thu, June 1, 2023 | 05:14
Why Korea's children's wear market keeps growing despite falling birthrate
The children's wear market in Korea has continued to grow in recent years, despite the nation's falling birthrate, as parents and other relatives spend more on clothes and other kids' items, according to retail industry officials, Friday. According to the Korea Federation of Textile Industries, the domestic children's apparel market expanded by about 32 percent from 912 billi...
Food firms hold off on price hikes as gov't wrangles with inflation
A growing number of local food firms are calling off plans to raise the prices of their products, despite soaring raw material costs and rising wages, as the government increases pressure on them to join its fight against inflation, according to industry officials Thursday. On Tuesday, Minister of Agriculture, Food and Rural Affairs Chung Hwang-keun met with the CEOs of 13 lo...
SK sells stake in security service arm to Wallenberg for 864.6 billion won
SK Square, the investment arm of SK Telecom, sold a portion of its stake and management rights in SK Shieldus, Korea's second-largest security service provider, to EQT Partners, a private equity fund (PEF) operated by Sweden's largest conglomerate, the Wallenberg Group, for 864.6 billion won, the Korean company said Wednesday.
Liquor firms freeze alcohol prices due to gov't pressure
Brewers and distilling companies here have decided to freeze the prices of their alcoholic beverages for the time being due to government interference. This is all part of the government's campaign to curb inflationary pressures, according to industry officials Wednesday.
Budget-conscious consumers flock to convenience stores for lunch
A 34-year-old office worker surnamed Kim said he does not have many choices for lunch these days as it costs at least 10,000 won ($7.5) to eat at a restaurant. “My wife only gives me a 500,000 won monthly allowance from my salary which I use to buy lunch and drink coffee. In other words, I have 16,129 won to spend a day and if I want to save some money, I have to reduce my lu...
Starbucks reduces product marketing, focuses on customer service
After replacing former scandal-hit CEO Song Ho-seop with new chief Song Jung-hyun from Shinsegae I&C in October last year, Starbucks Korea has changed its business strategy in order to improve its service quality and stay low-key.
Actress Kim shifts BMW image in new ad
BMW Korea's new brand campaign “born BOLD” starring middle-aged actress Kim Hae-sook has garnered praise for the auto brand's unique approach to brand marketing, according to industry officials, Sunday. Unlike the previous commercials where they boasted of new technology or a new vehicle with young models, the very recent version launched on Feb. 23 grabbed public attention w...
Balaan accounts for nearly half of all online luxury goods sales in Korea
Balaan said Tuesday it racked up 680 billion won ($513.4 million) in transactions last year, up sharply from 315 billion won in 2021, as more people purchased luxury bags and other high-end items through the online platform. Given the fact that the scale of the domestic online luxury market reached 1.5 trillion won in 2022, nearly five out of every 10 luxury items ordered on ...
Convenience stores to enhance welfare benefits for part-time workers
Local convenience stores are increasing welfare benefits for young part-time workers to convince them to become future franchisees. Retailers came to realize that if they raise the job satisfaction level of young employees by instilling positive perceptions of the convenience store business and boost their confidence that they can earn a stable income from it, then it will in...
Home shopping firms fail to find breakthrough amid falling TV viewership
Local home shopping companies are struggling amid falling TV viewership as more people buy goods online, according to industry officials Friday. The emergence of e-commerce companies and increasing transmission fees paid to broadcasting operators are also adding to home-shopping channels' financial burden.