South Korea news

18 April 2019
Coupang’s revenue for 2018 hits KRW 4.42tn (US$ 3.5bn), a new record for Korea’s ecommerce market. Growth supported by heavy investment The retailer’s revenue grew by 65% over 2018, an impressive leap from 40% growth in the previous year. Its losses also jumpred to KRW 1.1tn last year from KRW 638.8 bn in 2017. The eight-year-old retailer has lost money every year and will continue to inves...
17 April 2019
Customers at select GS25 convenience stores in South Korea will be able to charge shared electric bicycles from June. Shared electric bicycles and charging facilities GS Retail's convenience chain, GS25, is setting up charging facilities for 800 electric bicycles in partnership with GoGoSing at its stores. The service will be made available in Gangnam District in Seoul and Pangyo in Gyeongg...
28 March 2019
Rossmann, the German drugstore part owned by A.S. Watson, will begin selling products in South Korea in May, with products shipped directly from Germany. Direct-to-market model Rossmann plans to make “full-scale inroads into the domestic health and beauty market” of South Korea. A direct-to-market business model will be adopted, rather than stocking goods in stores. It is not clear when Ros...
22 March 2019
South Korea’s food manufacturing conglomerate Daesang Group is to sell its remaining stake in the convenience store chain, Ministop Korea, to its Japanese partner Aeon. A deal estimated at US$80m Daesang and Aeon are finalising the terms of the deal, which is estimated at US$80m. Both parties aim to complete the sale within March. Aeon currently owns 76.06% Ministop Korea, Daesang 20% an...
20 March 2019
Asian private-equity firm MBK Partners withdrew a planned Homeplus property float due to weak interest. A potential US$1.5bn plan MBK was planning to spin off 51 of the South Korean retailer’s hypermarket buildings in cities including Busan and Incheon through a US$1.5bn float of a real estate investment trust (REIT). The proceeds were potentially to be used to pay off most of a hefty fi...
01 March 2019
South Korean retail giant Shinsegae is to open a new Emart Traders store in Seoul this month, which will be its first branch in the capital.  High expectation of the new branch This first Emart Traders in Seoul will be located in Wolgye-dong, Nowon District. It will be in the parking lot of Emart’s Wolgye store, with 45,302 square meters of floor area. The first Seoul branch is expected ...
27 February 2019
Hailed as South Korea’s answer to Amazon, Shinsegae is to launch SSG.com in March 2019 by integrating its two online businesses. Integration driven by demand SSG.com is formed by combining Shinsegae’s two online business units, the Shinsegae mall and the Emart mall. The company made the announcement  back in January 2018 and is now going ahead with the plan. “ The integration of onlin...
11 February 2019
South Korea retail conglomerate opened a new format for its Emart brand, called the SSG Food Market, in Seoul. A fusion of supermarket and food hall The new 4,000 sqm development is a fusion of premium supermarket and food hall. It includes an extensive fresh food department, with additional features such as a fishmonger, a butcher, a Korean deli, a sushi restaurant, a café, a florist and a...
25 January 2019
Europe-based buying alliance EMD has announced that South Korea-based Homeplus will join the organisation. EMD said Homeplus will initially work with EMD on the ‘ sourcing of private label products ’, but noted there is scope for ‘ the option of cooperation in other areas of intercontinental cooperation ’. Homeplus to expand EMD’s global membership Following the addition of Homeplus, EMD wi...
03 January 2019
The city of Seoul officially launched a zero-fee digital payment system to ease the burden on small and medium sized businesses. The new QR code payment system The zero-fee digital payment system is accessible as an additional feature on existing digital wallet apps such as Naver Pay, Payco, Korea Smart Card and BC Card. Kakao Pay, South Korea’s most widely used mobile payment service opera...