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 ...

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 cus...

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 direct...

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 intelligen...

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...

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 K...

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 ye...

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 b...

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-trad...

Consumer sentiment thaws toward China, Japan

Retail sales in South Korea grew 7.3 percent on-year in October, as people's outdoor activities and demand for various services grew amid eased antivirus curbs, data showed Tuesday. The combined sales of 25 major offline and online retailers came to 14.66 trillion won ($10.95 billion) last month, compared with 13.7 trillion won a year earlier, according to the data compiled by the Ministry of Tr...

A wind of change may be blowing at the nation’s male-dominant corporate culture, with more women getting promoted to take top seats amid year-end reshuffles. LG Group last week tapped two female CEOs to lead its key affiliates – Lee Jung-ae for its retail arm LG Household & Health and Park Ae-ri for its advertising unit G II R. It was the first time not just for LG, South Korea’s fourth-largest...

Swiss watch-to-knife manufacturer Victorinox said Sunday it is collaborating with Italian street fashion brand Off-White to launch a limited edition multi-tool. The limited edition Swiss Army knife is a flagship product of “Equipment,” a special lineup showcased by Off-White in collaboration with South Korean men’s fashion brand Post Archive Faction. The Italian firm had welcomed Victorinox to c...