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Tag: Korea

  • ‘Grocerant’ Offers Korean Consumers Another Great Way to Enjoy US Beef

    ‘Grocerant’ Offers Korean Consumers Another Great Way to Enjoy US Beef

    Working to displace competitors of US beef in the growing South Korean retail sector, USMEF used social media and a celebrity chef to showcase US beef ribeye, striploin and chuck flap tail during a “grocerant” promotion.

    The event was held at PK Market, a high-end grocery selling premium food items, and was funded by the USDA Market Access Programme (MAP) and the Beef Checkoff Programme.

    PK Market, part of the vast Emart retail chain, includes a steakhouse called “Butcher’s Table” that allows consumers to enjoy steak cuts they purchase in the store’s grocery area.

    “The Butcher’s Table is what is referred to as a “grocerant,” meaning that it as a grocery store and restaurant under one roof, and it is becoming a big part of the ‘steak culture’ in South Korea,” explained Jihae Yang, USMEF director in Korea.

    “It also is part of a move toward ready-to-eat and pre-packaged meals favored by busy people. Korean consumers buy a steak and then take it to the Butcher’s Table kitchen and have chefs there cook it with vegetables. This service provides the customer with a great steak that might cost two or three times more at a restaurant.”

    During the promotion, USMEF had celebrity chef Mihal Ashminov grill US beef cuts. While the guests enjoyed their steaks, Chef Ashminov provided them with information about the advantages of US beef and explained a few of the best ways to cook a steak.

    To draw attention to the promotion, an online campaign was launched that included Syrup Table, the most popular Korean “foodies” app with a total of 13.5 million subscribers and 1.2 million monthly active users. USMEF’s promotion was featured on the main rolling banner at the top of the Syrup Table website. A total of 5,700 participated in the campaign, with 12 winners chosen for the US beef tasting opportunity.

    Officials with Emart described the event as a great opportunity to experience US beef steak and to promote superior quality of US beef to PK Market customers, adding that Emart recently began promoting thick-cut steak at locations across the country.

    “Retailers in Korea have been trying to offer various meat items and new applications to address consumer trends in the market,” said Mr Yang. “Steak is currently one of the most popular food trends and as a result, some retail chains are developing various steak items. Retailers are also taking an interest in steak items that address the desire for convenience and quick meals.”

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  • Indonesia Signs Currency Swap Deal with Korea

    Indonesia Signs Currency Swap Deal with Korea

    Bank Indonesia (BI) and the Bank of Korea signed a bilateral currency swap arrangement (BCSA). Through the deal, both central banks will be able to swap currencies for a value of KRW 10.7 trillion or Rp115 trillion.

    The agreement was signed by BI governor Agus D.W. Martowardojo and Bank of Korea governor Lee Ju-Yeo, March 6. Agus said the BCSA extension will economic ties between the two nations through the use of their respective currencies.

    “The goal is to reduce our dependency on using a certain currency,” Agus said on Monday, March 6, 2017.

    According to Agus, the BCSA is part of the government’s initiative to deepen the financial market and support economic defense “especially in facing today’s economic uncertainties,” Agus said.

    The BCSA also guarantees the use of Indonesia and South Korea’s currencies in trading, to support the regional financial stability.

    Agus said the deal is valid for three years and can be extended if the two countries agree.

    The first BCSA between BI and Bank of Korea was signed on March 6, 2014, based on economic ties—especially in trade—between the two nations.

    South Korea is Indonesia’s fourth import destination with an average market share of 6.5 percent a year from 2010-2015. Korea is also Indonesia’s sixth export destination, with an annual market share of 6.8 percent in the same period.

    However, most transactions are denominated in US dollar. “That’s why we need to diversify the use of our own currency when trading with regional countries, to stabilize the rupiah,” Agus said.

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  • South Korea dominate Vietnam entertainment industry

    South Korea dominate Vietnam entertainment industry

    They include YG Entertainment, which manages many of Korea’s biggest stars like Big Bang, 2NE1, PSY, Epik High, Choi Ji Woo, Black Pink and Lee Jong Suk, its subsidiary YGKplus, the country’s leading modelling agency, and Naver.com, the country’s biggest search engine and online media and entertainment channel.

    The Korean companies are seeking to tie up with Multimedia JSC in entertainment and fashion.

    They will send their stars to participate in major entertainment events in Vietnam like the Vietnam International Fashion Week and also create opportunities for Vietnamese models in Korea.

    Besides YG Entertainment and Naver.com, many other Korean companies in movies, the media and entertainment also have plans to enter the Vietnamese entertainment market.

    The Vietnam Film Distribution Association said the market was dominated by foreign distributors, many of them Korean.

    Vietnam now has more than 50 cinema chains. Korean-owned CJ CGV Vietnam is the largest in the market with 30 cinemas in 10 major cities. Lotte Cinema, also owned by South Korea, has 16 cinemas.

    A CJ CGV executive said each year the company opened around 10 cinemas in Vietnam and expected to reach 60 by next year.

    Market observers said South Korean investors saw plenty of opportunities in the Vietnamese entertainment industry.

    They find that the Vietnamese entertainment market is still in a fledgling state while the demand for entertainment has skyrocketed in step with living standards, meaning the sky could be the limit for investors.

    The fact that Vietnam and Korea have many cultural similarities means Korean entertainment investors with their quality products can attract Vietnamese audiences easily.

    On the commercial side of things, there are several trade agreements Vietnam has signed which offer opportunities to foreign investors, including those in the entertainment industry.

    Analysts said all this meaned pressure on domestic entertainment companies, who could lose the market completely to the Koreans if they were slow to react.

    In 2005 CJ CGV and Vietnamese company VIFA established a joint venture called CJ-VIFA whose first project was the drama “Mui Ngo gai”.

    Then CJ CGV bought out Megastar, the largest chain of cinemas in Vietnam at that time. At the beginning of 2014, after closing the acquisition, Megastar was renamed CGV.

    CGV now accounts for over a half the Vietnamese cinema market.

    It also dominates the film import market, and by showing more movies than its rivals, including blockbusters, CGV has become popular among the public.

    CJ CGV’s strategy is a vital lesson for local entertainment companies.

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  • Fintrax and Lotte form JV to boost tax-free shopping in Korea

    Fintrax and Lotte form JV to boost tax-free shopping in Korea

    Eurazeo Capital portfolio company Fintrax Group has formed a joint-venture (JV) with The Lotte Group subsidiary Lotte Data Communications Corporation (LDCC).

    Fintrax will join Lotte as shareholding partners in CubeRefund, an existing refund operator in Korea and will drive the business forward together.

    Fintrax Group is the second largest tax-free operator in the world with over 150,000 retail outlets including leading luxury and retail brands such as Dior, Gucci, Dolce and Gabbana. The JV will firmly establish CubeRefund, which will use the Fintrax Group’s tax-free subsidiary Premier Tax Free’s name and logo, as the leading VAT refund company in Korea.

    The JV project will contribute to the expansion of Lotte Group’s sales as well as the economy by increasing visits to overseas tourists through duty-free shops, department stores, and outlets in the mid to long-term.

    CubeRefund is recognised for its innovative technology, which aligns with Fintrax Group values. Through this agreement, CubeRefund (t/a Premier Tax Free) will provide high-quality tax refund services to foreign tourists visiting Korea. In addition, the company plans to become more active in expanding its business by promoting international joint marketing, increasing the luxury goods tax refund business, and establishing a bridgehead for overseas market entry.

    Fintrax CEO Patrick Waldron commented: “We are delighted to invest in this joint venture with CubeRefund. We have a great partner in the Lotte group, who is one of Asia’s leading companies. This latest investment underpins our commitment to Asia as a growth strategy for our Group.”

    Waldron will be joined on the board of the JV operation by Gary Byrne, head of New Markets at Fintrax, who leads the Asian strategy and led the deal on behalf of Fintrax. Byrne added, “We are pleased to begin our operations in Korea, this is increasingly an important market for our international brands.”

    “CubeRefund is the first successful case to attract foreign investment as an excellent venture company discovered by LDCC,” said LDCC CEO Yong-deuk. “We will continue to explore various win-wins. I will take the lead in spreading the culture of mutual growth.”

    The tax refund market in Korea has grown almost 10 times since 2010 from circa W41.7bn to  circa W413bn in 2017 and is expected to grow in the future in line with the continued growth of overseas tourists. Tax-free shopping is a fundamental part of the country’s Government strategy to attract Chinese and other international tourists.

    Fintrax were advised by Natixis and LDCC were Advised by PWC Korea.

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  • Limited Editions Thrive in Secondhand Markets

    Limited Editions Thrive in Secondhand Markets

    The latest hype in Korea has been over the Adidas Yeezy Boost 350 v2 “Zebra,” co-designed by American rapper and producer Kanye West. This extremely limited edition pair of shoes sold for a retail price of 289,000 won ($255.75), but they now cost somewhere around 1.5 million won on secondhand platforms online. 

    Similarly, the pair’s predecessor Yeezy Boost “Bred” (black + red) with the same retail price now sell for at about 600,000 won on secondhand markets, which isn’t as impressive but still double the original amount. 

    Such popularity, and the subsequent resale of limited or special edition shoes is nothing new. 

    The Nike Air Max 95s, launched in August 2015 to celebrate their 20th anniversary, sold out in Korea in less than two hours, and were later resold at prices roughly 100,000 won higher than their retail price of 189,000 won. 

    Nike’s Air Jordans, likewise, have long been popular among shoe fanatics with every new release. The Air Jordan 1 Bred (2016), for instance, peaked at 600,000 won on secondhand platforms after selling for 199,000 won at shoe stores. The shoes are still traded at a little over 400,000 won.

    Overseas collectors share the same enthusiasm. The most notable is perhaps Kanye’s Air Yeezy 2 “Red October,” which the rapper co-designed with Nike before he teamed up with Adidas. A pair of the shoes, which were produced in a limited run of only 1,000 pairs, was traded for $93,000 on eBay at one point in 2012, and they still cost thousands of dollars for anyone trying to add them to their collection. 

    Some resellers have even decided to take this business model to a professional level. 

    For example, Yeezy Mafia, a group of some 50 individuals from countries around the world, provides shoe collectors with early information on new Adidas releases (often before official announcements) and resells them to those with a Yeezy Mafia membership. Sneaker resellers Allen Kuo and Benjamin Kickz are also big players in the market. 

    Of course, shoes are not the only items that attract devotees.

    Starbucks’ special edition merchandise usually sells out quickly in Korea, and items are later traded online for higher prices, while clothes by specialty retailers or private label manufacturers co-designed with other designers are also frequently found on secondhand markets. 

    H&M’s collaboration products – which the company releases each year with world-class designers such as Balmain, Isabel Marant, Alexander Wang, and Maison Margiela – are particularly popular. In 2015, hundreds camped out at an H&M outlet in Myeongdong for days to get their hands on the newest Balmain x H&M collection. 

    One of the dresses, which rose to prominence after Suzy of idol group Miss A was seen wearing one on a local TV show, was going for roughly 250,000 won, up from its retail price of 159,000 won.

  • Shake Shack Korea tops global sales chart

    Shake Shack Korea tops global sales chart

    Sales at a Shake Shack Korea store are the highest of any store worldwide.

    Just seven months after the chain launched in Korea, Shake Shack’s 13th international market, the Gangnam branch has outstripped some 120 branches outside the US. It sells 3000 to 3500 burgers a day, according to the Union Square Hospitality Group (USHG), the Shake Shack franchisor.

    Also known as the maker of the “New York burger,” the fast casual restaurant started out as a food cart inside Madison Square Park in 2001, expanding its menu from New York-style hotdogs to hamburgers and milkshakes.

    It made a foray into the South Korean market last year through an exclusive partnership contract with SPC Group, South Korea’s major food manufacturer and distributor.

    Another branch in Chungdam, southern Seoul, has also made it to one of the top three in terms of sales.

    A third shop is scheduled to open in April in Dongdaemun, a busy shopping district.

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  • Sales soar for major Korean retailers

    Sales soar for major Korean retailers

    Major South Korean retailers saw their sales soar in January from a year earlier, driven by convenience stores and supermarket chains, government data shows.

    Combined sales for department stores, large outlets and online malls gained 8.3 per cent for the month, snapping a slide for three straight months, according to figures from the Ministry of Trade, Industry and Energy.

    Brisk sales and particularly soaring demand during the Lunar New Year holiday in late January helped boost sales, says the ministry.

    Sales by convenience stores surged 15.5 per cent year-on-year, followed by those of supermarkets with an 11.3 per cent gain. Department stores saw their sales rise 4.6 per cent.

    More “lone diners” – people who prefer to live and eat alone – has in part fuelled sales of prepared meals at convenience stores and frozen dishes at supermarkets, says the ministry.

    Convenience stores saw sales of instant meals, such as microwavable lunch boxes, hike 35.1 per cent, while the number of such stores grew by 13.3 per cent in the same period.

    Food sales by supermarket chains also helped boost growth with an 18.5 per cent gain.

    In contrast, online social commerce sites saw their sales inch down 0.1 per cent in January, largely because of increased marketing costs amid fierce competition. Online retailers overall saw their combined sales edge up 6 per cent for the month.

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  • Lotte plans second Hanoi mall

    Lotte plans second Hanoi mall

    South Korean conglomerate Lotte is to build a second Hanoi mall.

    It will be in a 200,000 sqm complex near West Lake in the Vietnamese capital, The Korea Heraldreports.

    Included in the mall will be a department store, supermarket and a cinema, all to be directly run by Lotte affiliates.

    Construction is set to start within the next couple of months for completion in 2020.

    It has been reported that the project, previously known as Ciputra Ha Noi Mall and owned by the Citra West Lake City Development Company, was acquired by Lotte this year.

    Started in 2007 with an estimated investment of US$2 billion, the project has been stalled for various reasons.

    The total investment capital of the new Lotte project is expected to reach nearly $300 million.

    The Lotte Group invested $400 million in the 65-storey Lotte Center Ha Noi mall, currently the second-tallest building in the city.

    The Korean giant plans to expand its retail network in Vietnam through mergers and acquisitions, and plans 60 shopping malls in the country by 2020 – a five-fold increase, reports Nikkei.

    Lotte has 285 shopping centres in Asian countries including China, Indonesia and South Korea, and views Vietnam as one of the fastest-growing retail markets in the region. In October, Lotte Mart launched its e-commerce channel in Vietnam following the introduction of Lotte Shopping TV in 2012.

    As well as providing South Korean products to Vietnamese consumers, Lotte plans to export Vietnamese products like coffee, dried fruit, wooden artifacts and ceramics back to its home market.

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  • Starbucks Korea polls 1 million customers

    Starbucks Korea polls 1 million customers

    Starbucks Korea is killing two birds with one stone – improving sales by making customers happier.

    According to the coffeemaker, the number of participants on its mobile survey platform “My Starbucks Review” has exceeded 1 million. Surveys are offered to Starbucks members who use Siren Order – ordering food and beverages on a smartphone, instead of having to wait in line.

    Starbucks Korea app

     

    The platform has been serving the coffeehouse well in terms of gathering customer feedback, officials said, and some 20 of the suggestions coming from customers have either been adopted or are expected to be introduced in the near future.

    One of the suggestions was related to Grapefruit Honey Tea, a seasonal drink temporarily introduced last year that was met with unprecedented popularity. Following the soaring demand, Starbucks decided to introduce the tea as an official menu item, and ended up selling over 1.2 million cups in just five months.

    Other successful ventures with the help of consumer input include the Starbucks Card Holder, with over 10,000 units sold since its launch late last year, and special edition coin pouches for chocolate coins, which sold out in just five days (50,000 batch) in early January.

    “We’ll continue to take into account customer feedback, to offer better products and services,” an official said.

    -Kevin Lee

  • Lotteria Burger Laboratory concept to open Korea-wide

    Lotteria Burger Laboratory concept to open Korea-wide

    London-based consultancy JHP Design has created a fast-dining experience for Asian fast-food restaurant group Lotteria.

    The new concept, called the Lotteria Burger Laboratory, features an open kitchen combined with a made-to-order system, so customers can watch the “burgerista” preparing every stage of their meal.

    Customers can place orders via an app before arriving, or in store through bespoke tablets as well as at the counter.

    Lotteria Burger Laboratory Korea 6

    A science and experimental theme in the restaurant is reflected in every aspect of the customer experience. A red industrial ceiling-mounted pipe snakes from the front of the “laboratory” to the back, guiding the customer journey. The ceiling also features an illuminated digital clock indicating how long customers need to wait for their order to be ready.

    Lotteria Burger Laboratory Korea 5

    Science icons

    The walls are decorated with periodic tables, food-assembly diagrams and science-based icons. The chairs have chemical-resistant wire frames and the tables offer power plugs for charging mobile devices.

    The seating area offers individual code-writing tables, laboratory benches and breakout booths as found in high-tech start-ups.

    Lotteria Burger Laboratory Korea 4

    A stainless-steel drinks machine enables customers to mix and refill their own beakers.
    With “radioactive” yellow and black doors and frames, the restrooms have acid-resistant white glazed tiles.

    Lotteria Burger Laboratory Korea 3

    All materials used have low environmental impact. Recycled strawboard, reclaimed porcelain and salvaged waste pipes have all been combined in an environment lit entirely with low-energy LED bulbs, and the kitchen uses hyper-efficient induction cooking equipment. All packaging is recycled and biodegradable.

    Lotteria Burger Laboratory Korea 2

    The first Burger Lab opened in Seoul last November, built in just four weeks at a total cost of US$480,000. The concept is now being rolled out across the company’s 3000 outlets throughout Asia.

    Lotteria Burger Laboratory Korea 1

    The Lotteria Burger Laboratory sources its ingredients solely from Lotteria’s own vertically integrated sustainable farms. As well as beef, chicken and shrimp burgers and fries, the new outlet offers local specialties and vegetarian options.

    Lotteria is owned by Lotte, a conglomerate established in 1948 with headquarters in Japan and South Korea.

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  • Cosmetics dominate Korean duty-free sector in 2016

    Cosmetics dominate Korean duty-free sector in 2016

    Make-up products accounted for more than half of the annual sales at duty-free shops in South Korea last year, fueled by brisk demand from foreign tourists immersed in Korean entertainment culture.

    Fresh data from the Korea Customs Service and companies reveals the combined cosmetics revenue from duty-free chains, including top players Lotte Duty Free and Shilla Duty Free, stood at 6.28 trillion won (US$5.48 billion) at the end of 2016, up 51.7 per cent from a year earlier.

    The sales of such beauty products took up 51.2 per cent of all sales, jumping from 45.1 per cent in 2015.

    Their proportion far outstripped those of other products, such as handbags or watches, whose sales grew 14 per cent and 7.6 per cent on-year in 2016, respectively.

    The upbeat figure came as Korean-made cosmetics have become very popular among Asian tourists who come here to shop, fascinated by Korean pop culture and TV drama series, a phenomenon commonly referred to as the Korean Wave or Hallyu.

    Local cosmetics companies have rushed to boost their marketing targeting these Hallyu fans, making advertisement clips using the celebrities who have gained popularity through movies and dramas exported to those countries.

    Thanks to such efforts, the revenue portion of domestic cosmetics brands at duty-free stores also made a big leap, accounting for nearly 40 per cent of the overall sales, the data showed.

    “The portion of Korean brands being sold at duty-free shops is growing rapidly unlike in the past when most of the top-selling items were imported products,” Ahn Ji-young, a market analyst at IBK Securities Co.

    Industry watchers said the cosmetics firms should plan ahead in developing products in line with a fast-changing beauty trends and discriminate their strategy by country or region.

    “Younger Chinese tourists these days are showing a tendency to fall for color make-up so the companies need to closely track such trend,” an industry source said.

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  • Lotte Duty Free sales up 25 per cent

    Lotte Duty Free sales up 25 per cent

    Lotte Duty Free has reported a 26 per cent increase in turnover to W5.9 trillion (US$5.1 billion) for last year.

    The figures are believed to excludes sales from its overseas airport and downtown outlets (Guam, Indonesia, Tokyo), reports DFNI Online.

    For 2015, its sales reached W4.82 trillion, a decline from W4.55 trillion the previous year.

    The Mers outbreak hit the retailer, despite it being awarded five-year contracts for two perfumes and cosmetics concessions and a liquor and tobacco concession at Seoul Incheon airport. It also beat off competition for a downtown duty-free shop in Jeju. The disease outbreak chopped off Chinese tourist arrivals to South Korea.

    Lotte Duty Free was further dented by the loss of its pivotal World Tower licence to travel retail newcomer Doosan Corporation (Doota Duty Free), but it has since regained the licence and re-opened the store.

    Marketing division manager Bo Joon Kim describes it as “one of the most chaotic times” in the group’s history.

    Lotte accounted for 48.7 per cent of total Korean duty-free sales last year, which amounted to W12.3 trillion. It started the year by opening its 4396 sqm Korean-style downtown duty-free store in Tokyo.

    Other developments included the reopening of its Gimpo airport store in August and the re-launch of its Gimhae airport outlets.

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  • Record growth boosts Jollibee Foods’ income 24pc

    Record growth boosts Jollibee Foods’ income 24pc

    Philippine-headquartered quick-service restaurant chain Jollibee Foods income jumped 24.6 per cent to 6.14 billion pesos (US$123.26 million) last year, thanks to aggressive store openings.

    Jollibee says it opened 340 outlets across nine brands – its biggest expansion in a single year – of which 243 stores were in the Philippines. Including JVs, such as Smashburger in the US and Highlands Coffee in Vietnam, Jollibee opened 468 stores last year.

    This pushed system-wide retail sales, derived from franchised and company-owned stores, by 14.1 per cent to 149.14 billion pesos.

    Jollibee Foods Philippines CEO Ernesto Tanmantiong says the company is spending 14 billion pesos this year, up from 10.4 billion pesos last year, to open more outlets and expand its commissaries.

    Jollibee says its business in China – about half of its overseas interests – has returned to growth, with sales expanding by 6 per cent in the fourth quarter.

    Poor sales in China earlier prompted the company to reorganise there. It unloaded its San Pin Wang noodle chain and took over a food-processing company.

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  • Williams-Sonoma South Korean partner appointed

    Williams-Sonoma South Korean partner appointed

    Williams-Sonoma South Korea will launch in Spring after the US homewares brand appointed a local partner.

    Hyundai Livart Furniture, a leading Korean furniture manufacturer and distributor and an affiliate of Hyundai Department Store Group, will have exclusive rights to operate stores, shop-in-shops, and eCommerce sites for Williams Sonoma and sister brands Pottery Barn, Pottery Barn Kids and West Elm.

    Livart will open more than 30 stores in South Korea over the next decade across the four brands, the first of which are scheduled to open this spring, including a combined 924sqm Pottery Barn and Pottery Barn Kids store and a 700sqm West Elm store at the Hyundai City Mall Garden Five Mall, and a 297sqm Williams Sonoma store at Hyundai Department Store Mokdong.

    “We are pleased to announce our latest strategic global expansion with our new franchise partner, Livart,” said Laura Alber, president and CEO of Williams-Sonoma, Inc. “Livart’s market expertise and extensive retail footprint in South Korea will enable us to deliver the same high quality of service that we provide in the US and around the world. Livart is the best partner to help bring our brands to the Korean market,” she said

    Hwa-Eung Kim, representative director and CEO of Hyundai Livart Furniture, said the franchise agreement will help strengthen the company’s competitive advantage in the domestic premium home furnishings market by complementing existing Livart brands.

    “We plan to leverage our diverse distribution channels to expand strategically through Seoul and other major cities.”

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  • West Elm owner enters South Korean market with new franchise partner

    West Elm owner enters South Korean market with new franchise partner

    US-based Williams-Sonoma, the business behind furniture brand West Elm, has confirmed that it has agreed a new franchise partner with Hyundai Livart Furniture Co. Ltd, expanding its South Korean presence.

    Hyundai Livart, a Korean furniture manufacturer and distributor and an affiliate of Hyundai Department Store Group (HDG), will have exclusive rights to operate stores, shop-in-shops, and e-commerce for brands in the Williams-Sonoma, Inc. portfolio including Williams Sonoma, Pottery Barn, Pottery Barn Kids and West Elm.

    Over the next 10 years, Livart is expected to open more than 30 stores in South Korea across four Williams-Sonoma, Inc. brands, with the first scheduled to launch this spring, which include a West Elm outlet at the Hyundai City Mall Garden Five Mall and a Williams Sonoma store at the HDS Mokdong branch.

    Laura Alber, president and CEO of Williams-Sonoma, Inc, said: “We are pleased to announce our latest strategic global expansion with our new franchise partner, Livart. Livart’s market expertise and extensive retail footprint in South Korea will enable us to deliver the same high quality of service that we provide in the United States and around the world.”

    Hwa-Eung Kim, representative director and CEO of Hyundai Livart, added: “This franchise agreement will help strengthen our competitive advantage in the domestic premium home furnishings market by complementing existing Livart brands, and we plan to leverage our diverse distribution channels to expand strategically through Seoul and other major cities.”