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Tue, May 30, 2023 | 17:49
Coupang withdraws from Japan to focus on Korea, Taiwan
Coupang has decided to withdraw its e-commerce business from Japan, 21 months after it began offering its online delivery service there, a company official said Sunday. “After testing our service as a pilot version, we have decided to withdraw our business from Japan,” a Coupang Japan official said.
Korean cosmetics firms shift focus to North America from China
Korean cosmetics companies are stepping up efforts to expand their presence in North America, where a growing number of young consumers have become fans of Korean music, movies and other cultural contents, while reducing their dependence on China, according to company officials. Over the past decade, the cosmetics firms saw their sales grow at an explosive rate thanks to Chin...
Burger King under fire for series of price hikes
A 35-year-old office worker surnamed Jang in Seoul was surprised to find out the price of his favorite burger, the Whopper, reached nearly 7,000 won ($5.30). He said it feels like each time he visits local fast-food restaurants, he pays more than he did the previous visit. “I just read a news article that Burger King is raising their burger prices again.
GS Retail faces police probe for selling butterbeer without butter
The Ministry of Food and Drug Safety (MFDS) has filed a complaint with the police against GS Retail on charges of violating the country's food labelling laws, according to the ministry Thursday. “Beurre Biere,” better known as butterbeer here, has been an instant hit at GS25 stores after its launch last September. GS25 is a convenience store brand operated by GS Retail.
Food delivery service Baemin seeks to become e-commerce platform
Baedal Minjok (Baemin), Korea's largest food delivery platform operated by Woowa Brothers, is seeking to become a general e-commerce platform so as to overcome its stagnating online food delivery business, according to company officials Wednesday.
LGES' in-house startup to build wind power management project on Jeju
LG Energy Solution's company-in-company (CIC) AVEL has signed a business agreement with Korea South-East Power and Tamra Offshore Wind Power to jointly participate in a pilot project to improve Jeju Island's power market system, the company said Wednesday. Under the partnership, the three firms will predict renewable energy generation quantity which will be managed by linking...
Consumers put price over reviews when ordering food online
A 32-year-old office worker surnamed Han orders food from online delivery platforms three times a week. Restaurant reviews used to be her first consideration when placing online food orders, but now, she checks the delivery fee first.
SPC Samlip enters Thai bakery market
SPC Samlip signed a memorandum of understanding with Siam Makro, a retail affiliate of Thailand's biggest conglomerate CP Group, to enter the Southeast Asian country's bakery market, the company said Monday. It is the company's first partnership deal with a foreign company to seek overseas business. SPC Samlip and Siam Makro are considering the establishment of a joint ventur...
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...