South Korea - News & Analysis

08 October 2021
Lotte, one of the country’s main grocery retail chains, has launched Project Zero, with the aim of using alternative sweeteners to produce sugar-free products. Sugar-free has become a mainstream trend According to Korea Bizwire, COVID-19 has heightened people’s interest in health and wellness. Food companies and retailers are increasingly looking to use alternative sweeteners to reduce the ...
24 September 2021
Emart24, the convenience chain of South Korean retail giant Shinsegae, said this month that it will increase the number of “hybrid” semi-unmanned stores that operate without workers late at night. Part of the cost-saving initiative It is part of the initiative to save costs by cutting down manpower. 80% of Emart24’s 5,300 stores are closed or without staff from 11pm to 6am, instead of openi...
23 September 2021
Aeon might offload the business due to its weak performance and continued profit decline in South Korea. Sales down -4.2%YoY, operating loss US$12m The retailer reported KRW1.79 tn (US$1.5 bn) in revenue for the last fiscal year (from March 2020 to February 2021), a decrease of 4.2%YoY (year-on-year). It reported an operating loss of KRW14.3 bn (US$12m) during the same period. It is the ...
14 September 2021
The South Korea convenience store chain Emart24 (owned by Shinsegae) has launched a smart store in Seoul this month. Modelled on the Amazon Go concept The new store is in popular shopping complex Starfield COEX. The technology is modelled based on the Amazon Go concept. Customer needs to type in their mobile phone number at a kiosk and insert a bank card to receive a QR code. They can th...
06 September 2021
COVID-19 has caused grocery retailers in Asia to scale up online business to compensate footfall decline in physical stores and enable shoppers to get items quickly, safely and conveniently. We at IGD have quantified growth opportunities, supported by five emerging trends. Growing at a CAGR of 20% between 2020 and 2022 Asia’s online grocery is growing fast. Total value in 2020 is around US$...
03 September 2021
The Amazon Global Store service is now available on ecommerce platform 11Street (owned by SK Telecom). Starting from 31 August, Korean shoppers can search for products sold by Amazon in Korean and make payments in Korean won. Amazon’s first online service through a local operator The news comes after Amazon's official foray into the South Korean ecommerce market in November. It is reporte...
17 August 2021
South Korean ecommerce giant Coupang has announced financial results for the April-June period. The New York-listed company recorded US$4.48 bn (KRW5.22 tn) in revenue in Q2, compared to US$4.2 bn in Q1 and up 71% year-on-year. Active customers up by 26% YoY Coupang said the number of its active customers, defined as those who have bought goods at least once in the first quarter, reached ...
17 August 2021
Delivery Hero, a German food delivery giant with operations across Europe, Asia, and the Middle East, is selling its local food delivery app in South Korea named Yogiyo to GS Retail, a Korean convenience store chain. GS Retail owns a 30% stake GS Retail has confirmed that it has partnered with two private-equity firms to buy Delivery Hero’s food delivery app, Yogiyo, in a deal valued at KRW...
16 August 2021
Alongside the usual “buy-one-get-one-free” or “buy-two-get-one-free” deals, convenience operators are coming up with new multi-buy deals in South Korea. New ways to entice shoppers Emart24 has launched a 1+4 deal for facial masks in July. Shoppers can get five masks for the price of one at KRW150 (US$0.13) 7-Eleven has a 1+2 deal for 77 selected products, including beverages and ready...
16 August 2021
Convenience store chain 7-Eleven (managed by Lotte Shopping) has unveiled a future-proof store using next-generation digital technology in Seoul, South Korea. A place to test future operations The new store is called “DT Lab Store”, located in Lotte Data Communication Co.’s headquarters. As the name suggests, it is a place to test the digital technologies that the retailer plans to roll out...