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Tesla has completed the installation of three Destination Chargers at Shinsegae department store in the Gangnam, Seoul. The move follows the opening of two showrooms in the city last month as the brand picks up momentum with its South Korean operations. It…
Starbucks Coffee Korea said its annual sales topped the 1 trillion won (US$884.17 million) mark for the first time ever last year. The local franchise of the US coffee giant, which is operated by retail conglomerate Shinsegae, debuted in South Korea in 1999.…
The Korean duty free market surged by 33.5% year-on-year in 2016 to KW12.2 trillion (US$10.5 billion), according to new figures from Korea Customs Service. The results reflect a strong bounce-back from the MERS-ravaged 2015, allied to booming Chinese visitor…
Sales at South Korea’s department stores in December rebounded from November on year-end gift purchases, trade ministry data showed on Monday, while sales for the whole year ended on a positive note, reversing two years of decline. Combined sales last month…
Hyundai Department Store Group plans to open a 14,005 sqm duty-free store in the CoEx Convention and Exhibition Center in Samseong-Dong, Seoul, late this year. Hyundai joined rivals Lotte Duty Free and Shinsegae in securing five-year licences last month to…
After winning a Korea Airports Corporation (KAC) tender, Lotte Duty Free has officially re-launched at Gimhae airport. The retailer now has 980.44 sqm of space, an increase of 329.2 sqm over its area last year. Lotte Duty Free had a 158.34 sqm presence at the…
Korean retail giant Shinsegae Department Store’s new Daegu Shinsegae is a large-scale shopping and entertainment complex connected to a transportation hub in the southern city. Covering more than 103,000 sqm, it is Shinsegae Department Store‘s second…
Lotte Duty Free, Hyundai Duty Free and Shinsegae DF have snatched licenses for new duty free shops in Seoul, showing that retail specialists will have the upper hand over non-retail firms struggling in the market. However, the big three firms still have to…
The Korea Customs Service awarded the three biggest remaining 10-year downtown duty free licenses in Seoul to Lotte Duty Free, Shinsegae DF and the Hyundai Department Store yesterday. At the same time, ‘Top City’ won the one small, medium enterprise Seoul…
Buoyed by yesterday’s success in the dramatic contest for three new downtown duty free licences in Seoul, Shinsegae Duty Free today outlined ambitious plans for its new 13,350sq m store in Central City in the Seoch-gu area of Gangnam. As reported globally by…
Samsung Pay will now be available for franchises in South Korea owned or run by Shinsegae, which owns its own brand of department stores, Samsung Electronics has announced. The mobile payment service will be available in Starbucks — the coffee chain is run by…
South Korean department stores are tipped to chalk up sales of more than 30 trillion won (US$25.6 billion) for the first time this year. That would make if 86 years since the country’s first department store opened in 1930. Industry commentators say the…
The Korean convenience store sector is experiencing rapid growth as heavyweights battle for market share. The number of convenience stores in South Korea surpassed 33,000 as of the end of October this year, marking a rapid growth since the opening of the…
Kim Bum Ho, Deputy Executive Director of IIAC’s Commercial Marketing Group, said this morning that although Incheon Airport has planned to issue its T2 tender on schedule [in the first week of December], there could be a delay if the debate surrounding a…
Korean duty-free stores newly opened in Seoul are losing money as heavy marketing costs erode profits. A review of financial documents from the major players show heavy competition is taking its toll on all players. Five duty-frees stores opened new shops in…
Will offline stores disappear? When consumers began online shopping in 1994, most of them could hardly imagine that offline stores might disappear. Online shopping was a mere subsidiary to offline stores, selling only a few items then. However, the volume of…
