Retail News CRM

Tag: south korea

  • South Korea retail sales rebound

    South Korea retail sales rebound

    Reported retail sales in South Korea’s largest department stores rebounded in February from the dismal January figures.

    Analysts say the turnaround is related to the later timing of Lunar New Year in 2105 – the same reason given last week for a 14 per cent plunge in Hong Kong retail sales in January.

    The Lunar New Year, a typically strong season for retail sales given the associated holiday season, occurred in January in 2014 and in February this year.

    South Korea’s Finance Ministry says combined sales at department stores owned by Lotte Shopping, Shinsegae Co and Hyundai Department Store rose by 7.1 per cent year-on-year.

    This was the biggest rise since August last year when sales increased by 10.5 per cent.

    It follows a drop of 11 per cent in January, the worst drop on record.

    South Korea retail sales at discount stores gained a stunning 30.5 per cent year-on-year after an 18.3 per cent slump in January, which was the worst drop in 11 months.

  • Mothercare enters Korea

    Mothercare enters Korea

    Babywear retailer Mothercare is to launch in South Korea.

    The UK-based company has entered into a franchise agreement with Homeplus, a local supermarket chain owned by Tesco, to open retail stores and an eCommerce site.

    South Korea becomes the 17th Asian market for Mothercare.

    Four shops will initially open in Seoul, Suwon, Daejeon and Bucheon next month. Products will be sold online in a subsection of the Homeplus online store.

    “South Korea is a country we have been looking to serve for some time and we have found a local partner in Homeplus, with extensive knowledge and experience of retailing in South Korea,” said Mothercare CEO Mark Newton-Jones.

    Homeplus CEO Do Sung-hwan said Mothercare offered a “one-stop-shop specialist retailer” solution to time-poor parents and those preparing for the arrival of a child.

    When the South Korean stores open their doors, Mothercare’s reach will expand to 63 countries and its store network now exceeds 1300.

  • Could HK lose its status as a luxury shopping destination to South Korea?

    Could HK lose its status as a luxury shopping destination to South Korea?

    The popularity of South Korean pop culture and products in China shows no signs of abating, as South Korea has seen more Chinese shoppers than ever, but it could come at a cost to Hong Kong. Erwan Rambourg, a consumer goods analyst for HSBC and the author of “The Bling Dynasty,” has seen the surge  in shoppers first hand. He estimated that Chinese shoppers accounted for around 70 percent of South Korea’s duty free sales and accounted for about one third of all luxury purchases in the country, reports The Wall Street Journal.