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Tag: Korea

  • 2,000 planes flew over Korea per day in first half of 2018

    2,000 planes flew over Korea per day in first half of 2018

    About 2,000 planes flew over Korea per day on average during the first half of this year, according to the Ministry of Land, Infrastructure and Transport.

    The transport ministry’s data, released on Monday, showed that a total of 394,000 planes travelled over the country, including those that landed on Korean soil and those that were just passing by, up 5.4 percent compared to a year ago.

    Monthly traffic for the first half reached its peak in May, when 68,000 planes flew over Korea.

    The transport ministry’s data also showed that a total of 27,100 airplanes flew in and out of Korea during that period, up 8.6 percent from the same period last year. On a daily basis, 1,499 planes flew in and out of the country.

    An official from the transport ministry said that international airplane traffic is likely to increase in the second half and is expected to reach a historic high.

  • Hyundai Mobis finds a job for AI

    Hyundai Mobis finds a job for AI

    Auto parts maker Hyundai Mobis announced Sunday that it has developed artificial intelligence-based software and a chatbot equipped with a deep learning algorithm to speed up its research in smart car technology.

    The artificial intelligence-based software is called Maist, short for Mobis Artificial Intelligence Software Testing, and has been co-developed by a research team at the Korea Advanced Institute of Science & Technology led by Professor Kim Moon-zoo.

    Maist is designed to test different software that is to be installed in cars. According to Hyundai Mobis, installing Maist will double the efficiency of the software development process.

    “About 50-70 percent of the testing process will be done by Maist from now on, allowing researchers to engage in more creative works,” an official at Hyundai Mobis said.

    The chatbot is called Maibot, short for Mobis AI Robot, and is able to search through the lab’s cloud, home to more than 200,000 research cases, to find material that a user is looking for. The algorithm will allow Maibot to become more advanced, Hyundai Mobis said.

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  • Korea rush to lobby against U.S. auto tariffs

    Korea rush to lobby against U.S. auto tariffs

    Government officials and representatives from the local auto industry rushed to the United States last week to request that Korea be exempted from higher tariffs on imported cars.

    The Korean delegation, headed by Trade Minister Kim Hyun-chong, met with officials from the White House, Congress and think tanks during their U.S. trip from Wednesday to Friday, arguing that imported cars from Korea should be excluded from the tariff renewal based on Section 232 of the Trade Expansion Act.

    Finance Minister Kim Dong-yeon on Saturday also raised the issue at the G20 meeting held in Buenos Aires, Argentina.

    Kim Hyun-chong’s delegation included Hyundai Motor President Chung Jin-haeng and Korea Automobile Manufacturers Association President (KAMA) Kim Yong-geun, among others.

    The trade minister met with Larry Kudlow, the National Economic Council director, and Mick Mulvaney, the White House Office of Management and Budget director.

    “Kim explained that the revised Korea-U.S. FTA already reflects the concerns that the U.S. has about its automobile industry and security,” said an official from the Ministry of Trade, Industry and Energy on Sunday.

    In March, Korea agreed to extend a 25 percent tariff on Korean pickup trucks in the U.S. to 2041, instead of 2021, ensuring the unfavorable export conditions for Korea’s pickup truck manufacturers continues.

    “He also emphasized the fact that Korea and the United States impose zero tariffs on cars imported from each other’s country based on mutual benefits,” the official added.

    According to the ministry, the U.S. officials agreed with the Korean delegation and showed concern that the new tariffs might have a negative effect on America’s labor market and the economy considering the industry’s complex global supply chain.

    Hyundai Motor President Chung met with lawmakers based in Georgia and Alabama, two states where the automaker runs assembly lines. Korea International Trade Association Vice Chairman Han Jin-hyun mostly met with officials from the U.S. government and think tanks such as the Center for Trade and Economics and the Center for Strategic and International Studies.

    Finance Minister Kim Dong-yeon was also determined to prevent renewed tariffs.

    “Finance Minister Kim Dong-yeon explained to his U.S. counterpart that the two countries have been carrying out fair trade with the renewed Korea-U.S. FTA until now, and expressed his strong opposition to imposing higher tariffs on imported cars from Korea,” the Finance Ministry said in a release. “Kim also emphasized the positive effect that Korea’s auto industry has had in the U.S., such as hefty investment and employment,” the release added.

    U.S. President Donald Trump has been pushing for higher 25 percent tariffs on imported cars on national security grounds. The plan sent jitters through Korea’s auto industry, which relies heavily on exports to the U.S. According to industry statistics, 30 percent of exports to the U.S. last year came from the auto industry.

    Trade Minister Kim will continue to lobby U.S. officials. He will visit the United States from July 25 to July 27.

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  • Hyundai, Kia hope to hit targets with SUVs

    Hyundai, Kia hope to hit targets with SUVs

    Hyundai Motor and affiliate Kia Motors said on Friday that they would achieve their sales target for the year by launching new sport utility vehicles in two major auto markets, the United States and Europe, in the second half.

    In separate biannual meetings with overseas sales executives, Hyundai and Kia discussed measures to achieve their sales target of a combined 7.55 million vehicles, up 4.1 percent from the 7.25 million they sold last year, Hyundai Motor Group said in a statement.

    In terms of major challenges in the second half, the company named interest rate increases in the United States, rising oil prices and an unfriendly business environment due to U.S. tariffs on imported vehicles.

    To boost sales in the second half, Hyundai plans to launch a new Santa Fe and upgraded Tucson in the U.S. market in July and November. Kia will launch a Sorento facelift in June.

    The new Santa Fe is the most essential model in determining Hyundai’s annual earnings results this year. If it is well accepted in the United States, Hyundai will come up with strong financial figures at the end of the year, the company said.

    In Europe, Hyundai will gradually the Santa Fe, Tucson and Kona, and Kia will roll out the Sportage SUV. The company has recently set up a task force to attract female customers in Saudi Arabia after the country permitted women to drive cars.

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  • BTS and Converse team up for BT21 sneakers

    BTS and Converse team up for BT21 sneakers

    American footwear brand Converse has collaborated with South Korean character brand Line Friends’ for Converse x BT21 sneaker collection.

    The Converse x BT21 sneakers will be available for purchase this Friday at Converse and Line Friends stores only in China, Hong Kong, South Korea, and Taiwan.

    The collaboration offers a limited-edition line of Chuck Taylor All Star Low Black/White, and Chuck Taylor All Star Black, both with BT21 designs on them. The sneakers will come in a BT21 design shoebox with eight customised badges, shoelaces and a BT21 labelled tote bag.

    Prices are set at US$84 for low-cut sneakers and $87 for high-cut sneakers.

    BT21 are characters created by South Korean boy-band BTS in collaboration with Line Friends. The characters have appeared on products from several brands, including Dunkin’ Donuts and Paris Baguette.

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  • SsangYong expands to Australia

    SsangYong expands to Australia

    SsangYong Motor will establish its first overseas sales unit in Australia in November to take advantage of rising demand for SUVs there, the carmaker said Monday.

    The establishment of its first overseas sales unit will serve as a stepping stone for SsangYong Motor to further fortify its global sales, the carmaker said.

    SsangYong Motor, the Korean unit of Indian auto giant Mahindra & Mahindra, sold its cars in other countries before through partnerships with local dealerships. It has never operated its own sales unit outside of Korea before.

    “The Australian sales unit will be SsangYong Motor’s first overseas sales unit to be directly managed by the carmaker,” said CEO Choi Johng-sik in a written statement released on Monday. “It will help us to be more flexible in handling the local market, such as the marketing strategy.”

    SsangYong Motor currently exports cars to Europe, South America and the Middle East.

    Chile was the biggest export market for SsangYong Motor last year.

    When the Australian unit opens in November, SsangYong Motor is expected to launch a full range of models, including the Tivoli, G4 Rexton and Rexton Sports. SsangYong Motor said it hopes to eventually run 60 directly managed dealerships in Australia.

    SsangYong Motor stopped selling its cars in Australia in 2016. It had previously been selling vehicles to local dealerships.

    Its decision to resume sales is due to the sharp growth in Australian SUV sales. According to the carmaker, sales of SUVs accounted for 18 percent of vehicle sales in Australia in 2006, but they expanded to 39 percent last year. Sales of pick-up trucks, which SsangYong Motor also sells, rose by 70,000 vehicles during the same period.

    The unique Australian automobile market, which is completely reliant on imported vehicles, also factored into SsangYong’s decision to launch an overseas sales subsidiary.

    “While countries that have a homegrown brand tend to be hard to penetrate, Australia doesn’t have their own marque, which is why we thought the brand would have a better chance,” a SsangYong Motor official said.

    After launching its existing models, SsangYong Motor said it will continue to launch new models in Australia to secure its position in the market.

  • Samsung may launch foldable Galaxy in 2019

    Samsung may launch foldable Galaxy in 2019

    Samsung Electronics may launch a foldable smartphone called the Galaxy X next year as global phone producers struggle to find innovative features to boost their slowing sales.

    Multiple leaks indicate that Samsung will launch the phone soon.

    The Wall Street Journal reported Wednesday that Samsung will introduce the bendable phone “early next year,” while Phone Arena, a media outlet specializing in phone industry leaks, reported that Samsung may unveil its first foldable smartphone at the Consumer Electronics Show 2019 next January in Las Vegas.

    According to the Wall Street Journal, the code name for the prototype phone is Winner.

    Its display is reported to be seven inches diagonally when opened, which is similar to a small tablet. It will bend towards the inside of the device like a wallet. This would allow users to watch videos on a large screen and also carry the phone around more conveniently by folding it. The phone’s diagonal size is expected to shrink to 4.5 inches when folded.

    The U.S. smartphone giant Apple is also working on a foldable phone. It applied for a foldable phone-related patent to the United States Patent and Trademark Office at the end of 2016. Its foldable phone is reportedly 9.7 inches diagonally when unfolded and 5.5 inches when folded.

    Samsung’s local rival, LG Electronics, is also joining the competition. It is waiting for the U.S. patent office to approve its patent application for foldable phones by the end of this month. In August last year, it also applied for a design patent for a foldable phone to the World Intellectual Property Organization. Motorola recently received a design patent for a foldable phone from the World Intellectual Property Organization. The design reportedly includes a long rectangular screen that can be folded to function as a smartphone and unfolded to act like a tablet. China’s Huawei Technologies originally planned to unveil its first foldable phone in November, but the company has likely pushed back its launch date to 2019.

    The global focus on foldable phones is largely due to consumer expectations for changes to smartphone designs, which have been stagnant for some time.

    As today’s premium smartphones now have similar specs, consumers have grown tired of their similar designs and features, and sales growth for many brands has slumped.

    The high expectation for the foldable phones, however, is making electronics companies cautious as they prepare to launch them.

    “Their biggest struggle is to come up with content and a user interface that is specific to a foldable display,” said a source in the display industry.

    The marketability of these products is also another concern. Market tracker Strategy Analytics projects that global foldable phone sales will start at 3.2 million units next year and grow to 50.1 million units by 2022. According to this prediction, even if the foldable phone market expands by roughly 15 times over the course of three years, their sales will only account for 2.5 percent of total smartphone sales in 2022. Industry insiders speculate Samsung’s foldable phone will carry the hefty price tag of $1,500.

    The Wall Street Journal noted that the launch date may change and added that Samsung may not put the phone on sale immediately after unveiling it.

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  • Duty-free shops enjoy turnaround in 2018

    Duty-free shops enjoy turnaround in 2018

    Korean duty-free shops are reviving their once-stagnant sales, with Lotte, Shilla and Shinsegae leading the turnaround.

    According to the Korea Customs Service on Saturday, duty-free sales in the first half of the year reached 9.94 trillion won ($8.79 billion), up 38 percent from the same period last year.

    If the trend continues in the second half of this year, sales at duty-free shops will likely rise by 30 percent from last year’s 14.47 trillion won.

    Shinsegae Duty Free said on Tuesday that its daily average sales reached 1.7 billion won after the opening of its Gangnam branch in southern Seoul on July 18, far exceeding the company’s sales expectations of 1 billion won a day.

    “Our goal is to reach 180 billion won by the end of this year, and 500 billion during our first year of operation,” said Ahn Joo-yeon, a public relations manager for Shinsegae Duty Free. “We have a good start.”

    If sales at the company’s Gangnam branch continue at this pace, they will reach about 250 billion won this year.

    Chinese consumers made up about 90 percent of the foreign shoppers at Shinsegae Duty Free’s Gangnam branch.

    Group tourists accounted for 36 percent of overall foreign customers, while 64 percent were individual tourists.

    Starting early next month, Shinsegae will also begin operating in duty-free sections 1 and 5 of Incheon International Airport Terminal 1, which Lotte Duty Free withdrew from.

    Shinsegae estimates it will take in about 300 billion won in sales between this August and December.

    Shinsegae’s Terminal 2 Duty Free Shop, which opened early this year, is expected to bring in about 200 billion won in sales this year.

    “Total sales are expected to increase from 1.8 trillion won last year to around 3 trillion won this year,” a Shinsegae Duty Free official said.

    Shinsegae, once at the bottom of the Korean duty-free trinity, increased its market share this year.

    Industry experts predict that Shinsegae will take about 20 percent of the Korean duty-free market this year, up from 13 percent last year.

    Shilla Duty Free was behind Shinsegae in its bid for the Incheon Airport duty-free slots last month, but Shilla’s operating profit hasn’t taken any hits.

    Shilla’s duty-free shops in the Hong Kong, Singapore and Incheon airports continue draw in sales, and 42.6 percent of the company’s sales in the first quarter came from the airport shops.

    Shilla Duty Free saw a 29-percent rise in first quarter sales from 782.7 billion won last year to 1.37 trillion won this year, while operating profit rose 181 percent to 476 billion won.

    Shilla Duty Free brought in about 4 trillion won in sales last year, accounting for 27 percent of the market. It’s expected to have a similar market share this year.

    Lotte handed over two out of its three duty-free locations at Incheon International Airport Terminal 1 to Shinsegae this year and didn’t open any new locations.

    If Lotte Duty Free had operated all of its Terminal 1 locations until the end of its contract in 2020, it likely would have suffered losses. Lotte’s most valuable Terminal 1 duty-free section, the liquor and tobacco area, is still open.

    According to an official at Lotte Duty Free, sales at the duty-free store’s location in Sogong-dong, central Seoul, are expected to reach 4 trillion won this year, up 30 percent from 3.169 trillion won last year.

    Lotte, the world’s second-largest duty-free company after Dufry in Switzerland, has expanded its overseas duty-free shops, opening its seventh location in Nha Trang Airport in Vietnam at the end of last month.

    It also plans to bid on space in Taiwan’s Taoyuan Airport this month. Lotte is also in the process of acquiring JR Duty Free, an Australian company.

    Last year, Lotte Duty Free raked in 6.2 trillion won in sales, 150 billion of which were made overseas.

    “We will record 7 trillion won in sales at the Sogong location and 1 trillion won in the World Tower [southern Seoul] location within this year,” said a Lotte Duty Free official. “We expect to see a massive increase in operating profit from 2.5 billion last year, as well.”

  • Cabin crew for Jeju Air can ditch the high heels

    Cabin crew for Jeju Air can ditch the high heels

    Korea’s largest budget airline, Jeju Air, will now allow female flight attendants to wear shoes with lower heels when in uniform, the company announced on Thursday.

    Female attendants had to wear shoes with five to seven centimeter (1.9 to 2.7 inch) heels when they were working in uniform outside of planes.

    Once they boarded a plane, attendants wore shoes with low, three-centimeter heels for safety reasons.

    Jeju Air has now decided to let attendants choose between shoes with high heels or lower heels when wearing their uniforms outside of planes.

    The airline has been changing its service guidelines from earlier this year to reduce stress on flight attendants.

    From April, the airline has let flight attendants wear glasses and have painted nails while serving on board.

    While Jeju Air didn’t have official guidelines that prohibited attendants from wearing glasses, the industry norm was to wear contact lenses, so the airline decided to officially allow glasses.

    The airline previously only allowed nails to be painted with one color, but now flight attendants can decorate their nails with a variety of colors. However, additional textured nail decorations are still prohibited as they could scratch customers, the airline said.

    The uniform guidelines for flight attendants in Korea became a hot topic after employees of Korean Air’s budget airline Jin Air complained about their skinny jeans-based uniform.

    The idea of wearing jeans as uniform was reportedly introduced by Korean Air heiress Cho Hyun-min, who stepped down from all her positions at both Korean Air and Jin Air after throwing drinks at employees out of anger earlier this year. Jin Air is currently redesigning its uniforms.

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  • BMW under pressure as cars keep catching on fire

    BMW under pressure as cars keep catching on fire

    Reports of BMW 520ds catching on fire are on the rise in Korea, posing a serious threat to the carmaker’s credibility.

    An official recall of the vehicles has still not been announced, making owners of the country’s second most popular import brand anxious about their own cars.

    The latest fire broke out on Monday in Incheon on a highway in Incheon headed toward Ilsan, Gyeonggi. The engine of the 520d sedan reportedly caught fire while the vehicle was moving, resulting in damages worth 37.5 million won ($33,000) according to the local fire station. The driver was not injured.

    Monday’s incident was the latest in a slew of fires. A total of 15 fires in BMW 520ds have been reported to Korea’s Ministry of Land, Infrastructure and Transport this year as of Monday, according to the ministry.

    In the month of July alone, four fires have been reported; some while driving and some while the car was parked.

    “It seems the manifold -part of the emissions system – has defects,” said an official from the Transport Ministry Monday.

    “But since all but one of the vehicles were completely burnt out, it will take more time to come up with an exact reason as to why these 520ds caught fire,” the official added.

    BMW Korea said it will carry out a recall “soon,” but the range of affected cars and when the recall will take place has not been decided.

    The ministry launched its own investigation into the problematic car on July 16 and is waiting for the carmaker to submit a detailed recall plan.

    BMW Korea said it needs more time to come up with a plan.

    If the recall plan is finalized, it would be the first time that BMW Korea has ever had to carry out a recall due to the risk of fire.

    “The fact that we will carry out a voluntary recall has been decided but more time is needed to decide when and what models will be recalled since it is a sensitive matter,” a BMW Korea spokesman said Monday.

    “We are considering expanding the recall beyond just the 520d model to ones that use the same parts,” the official added.

    This is not the first time a safety issue has been raised with BMW vehicles due to fire hazards.

    In 2015, four fires were reported in less than a month in BMW vehicles including the 5-Series and 7-Series, resulting in then-BMW Korea CEO Kim Hyo-joon issuing an official apology. The vehicles were not recalled.

    The 520d model is the most popular vehicle within the BMW Korea lineup. In the first half of this year, sales of the 520d accounted for nearly 30 percent of the company’s entire sales.

  • Korean-licensed Mumuso sells Chinese products, found guilty of ‘misleading’ consumers

    Korean-licensed Mumuso sells Chinese products, found guilty of ‘misleading’ consumers

    After inspecting 2,273 items sold by Mumuso Vietnam Import Export Company Limited in the country, the Ministry of Industry and Trade (MOIT) said 99.3 percent was imported from China.

    Earlier, the company, whose product range includes beauty, healthcare, fashion accessories and home appliances, said that it was a legitimate Korean enterprise that has outsourced production to China.

    It had also said then that the product designs are made by a South Korean company.

    The inspectors said local laws were violated despite the firm’s explanation saying that Mumuso is a trademark established in Korea and its products are manufactured at its headquarters in Shanghai, China.

    The inspectors also said Mumuso put out a lot of content expressing its products’ connections to Korea, could show no documents or other proof for such information, especially relating to the origin and the technology used.

    The company was violating the Vietnamese Competition Law by engaging in unfair competition with similar firms selling Chinese-origin products. The content they provided has led to wrong understanding among customers about the chain and its products, the inspectors said.

    They said that the company had provided incomplete and inaccurate information to Vietnamese consumers, who’d assumed that the products were Korean.

    Mumuso does not have a single store in Korea.

    It has committed several other violations including not having a Vietnamese label on their products and providing inaccurate information about its website to the Ministry of Industry and Trade, inspectors found.

    It had registered neither the franchising associated with the Mumuso trademark nor its head office engaging in commercial activities. It had also not informed the MOIT about its promotion programs.

    The ministry has instructed relevant agencies to deal with all the violations that the company has committed under various laws of Vietnam.

    In Vietnam since late 2016, Mumuso has rapidly developed in Hanoi and Ho Chi Minh City, with 27 stores in central locations.

    It sells many low cost products, starting from as little VND22,000 (less than $1) per unit.

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  • Profit dive leads Ministop to uncertainty

    Profit dive leads Ministop to uncertainty

    The future ownership of South Korea’s fourth-largest convenience store chain, MiniStop Korea, is uncertain with options under review.

    Parent Aeon Group of Japan is apparently tiring of falling profits from the chain and has appointed Nomura Securities to explore sale options, including a clean sale of its stake or attracting a strategic investor.

    With more than 2500 stores spread across South Korea, MiniStop’s sales reached 1.18 trillion won (US$1 billion) last year.

    In a statement issued this week, Aeon said: “Even though we are considering business tie-ups with other companies to improve corporate value, there are no concrete plans on selling off MiniStop Korea yet.”

    Aeon currently owns 76.06 per cent of MiniStop Korea with local Daesang Group holding 20 per cent and Japan’s Mitsubishi the remaining 3.94 per cent.

    Intense local competition is behind the decline in MiniStop Korea’s profitability, according to local industry sources. Profit plunged 23 per cent last year to 2.6 billion won (US$2.3 million). In 2015 the company achieved an operating profit of 13.2 billion won.

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  • Cafe 25 opens 10,000th store

    Cafe 25 opens 10,000th store

    Convenience-store brand GS25 says 10,000 of its outlets now serve coffee products distributed under its house brand Cafe 25, just 30 months after the brand was launched.

    The figures show how successful South Korea’s convenience stores have been in challenging coffee-focused chains like Lotte’s Angel-in-Us and even Starbucks, by offering discounted alternatives through vast store networks.

    The GS Retail-owned group says it has already surpassed the 100 million-mark for the total number of coffee products sold, with Cafe 25 selling 40 million cups in the first half of this year alone.

    GS25 is putting significant effort into making the coffee products successful by installing top-notch coffee machines that sell for 13 million won (US$11,440) in each of its stores.To commemorate 10,000 GS25 store milestone, the company will be selling 50,000 promotional coupons online via Gmarket and Auction that allow customers to buy iced Americanos and iced lattes for half the usual price.

    An official at GS25 said the success of Cafe 25 products can be explained by the company’s bid to offer high-quality coffee products at affordable prices, while also leveraging the chain’s vast network of stores.

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  • Innisfree teams up with Alibaba to open new concept store in China

    Innisfree teams up with Alibaba to open new concept store in China

    South Korean cosmetics giant Amorepacific’s cosmetics brand Innisfree has opened a new concept store in Hangzhou, China, in collaboration with Alibaba’s Tmall, the company said Thursday.

    According to Innisfree, its new concept store features a technology-based shopping experience, backed by Tmall’s new retail technology.

    Tmall is China’s largest B2C platform for brands and retailers, in terms of GMV.

    At the store, customers can test makeup products by using Magic Mirror, which has adopted Tmall’s augmented reality technology. An automated vending machine that sells mask sheets and sample products will allow customers to easily purchase items at lower prices, the company said.

    In addition, smart shelves are installed to show each product’s information on interactive screens.

    “With the South Korean cosmetics brand acing in the Chinese market, especially with Innisfree being the only brand to have hit 1 billion RMB ($148 million) of sales, our trial with Innisfree to provide a new retail and interactive experience based on big data technology will strengthen customers’ brand experience and increase their satisfaction,” said Mike Hu, head of Tmall’s retail business division.

    Tmall also plans to collect information on real-time product availability at 61 stores in Shanghai and Hangzhou through big data technology to boost online sales and help stores digitize their operations and upgrade the supply-chain operation and offer shoppers an integrated online and offline experience.

    “Tmall is one of the most innovative and leading retail platform operators globally. We will strive to adopt digital technology and interactive content marketing from Tmall for Innisfree’s brand value,” said Filipp Cai, head of Innisfree China.

    Innisfree, which means “pure island” in Korean, is based on the philosophy of introducing beauty products with natural ingredients sourced from the Korean island of Jeju. It opened its first store in China in 2012.

  • Lotte Mart makes debut in Mongolia

    Lotte Mart makes debut in Mongolia

    Lotte Mart Mongolia is opening its first store, in Ulaanbaatar, in the first half of next year.

    The South Korean retailer has set up a joint venture with local retailer Nomin Holdings, which will sell Lotte’s private label products for the next 10 years. It is initially targeting sales of US$3 million annually.

    To prepare for this expansion, Lotte Mart has already sold its food products of its private labels – Only Price, Yorihada, and Choice L – last year at four stores including a state-run department store and two supermarkets owned by Nomin in Ulaanbaatar.

    Nomin Holdings is one of Mongolia’s three largest enterprises and has also worked with other global names including L’Oreal, Mango, and Century 21 in the country.

    Mongolia is one of Lotte’s latest foreign markets after it pulled out from China. Parent Lotte Group operates 46 Lotte Mart stores in Indonesia and 13 in Vietnam. It launched its fast-food brand Lotteria in Ulaanbaatar last month.

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