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New coronavirus postpones release of over 50 films

A movie theater in downtown of Dong-gu, Gwangju, is seen empty on Feb. 1. / Korea times fileBy Kim Jae-heunThe spread of new coronavirus has postponed the opening of over 50 films originally scheduled for February and March. Distributors decided to delay them due to the quarantine measures imposed by local governments and moves by residents themselves to contain the spread of the COVID-19 epidemic. According to the Korean Film Council, only 59,876 people went to see a movie March 3, the lowest in 16 years. This compares with the lowest turnout prior to the outbreak of the coronavirus, which was 257,496, Dec. 16 last year.Distributors cannot fix new release dates for the films as they do not know when the outbreak will be over. “Time to Hunt,” “Fukuoka,” the black-and-white version of “Parasite”, and “Mulan” are some of the films that have had their release dates postponed. Some distributors are reviewing opening their movies in the second half of 2020 or early next year.A film insider said even if a movie monopolizes the screen at the l

Mar 8, 2020By Kim Jae-heun
New coronavirus postpones release of over 50 films
Companies

Battle looms in online retailing

By Kim Jae-heunWith the growing number of one person households and working couples here, changes in people's spending patterns for almost every item ― from food to clothes ― has brought about a new paradigm in the market place. Customers no longer go to supermarkets or big discount stores to shop for fresh food to cook for dinner or prepare for breakfast. “There is no time to shop for groceries or cook food at home. I just order fruit or easy-to-cook meals online and they are delivered to my door overnight,” said 31-year-old office worker Kim Ye-ji, who lives alone in Pangyo, Gyeonggi Province. “Nowadays, people like me who live alone, or couples with both partners working, don't want or have time to go to stores. We would rather have our food items delivered and either rest or do something else with the time that would be spent shopping.Business for local retail giants E-Mart and Lotte Shopping peaked in 2010 and has been falling ever since. Lotte Shopping's operating profit was 1.7 trillion won ($1.42 billion) in 2011, but has been declining continuously to 427.9

Mar 5, 2020By Kim Jae-heun
Companies

EXCLUSIVE Hermes, Chanel reject Galleria's offer to open stores in new department

Hanwha Galleria's new department store in Gwanggyo, Gyeonggi Province is seen in this photo. / Courtesy of Hanwha GalleriaBy Kim Jae-heunFrench luxury brands Hermes and Chanel will not open their boutiques at Hanwha Galleria's new department store in Gwanggyo, Gyeonggi Province.“We have decided not to open our store at Galleria department store in Gwanggyo,” a Hermes official told The Korea Times by telephone, Monday. “It is true that Hanwha Galleria made an offer to us to open our boutique at their newly opened department store, but it was an order from headquarters in Paris that Hermes will not open a store there.”The official added that their perfume line, which is imported and managed by Shinsegae International, may open its store at Galleria Gwanggyo, but that this too is uncertain. Chanel said it will launch its cosmetic line at the department store but the boutique will not open there. Hermes and Chanel are two of the so-called “big three” luxury brands here and abroad, along with Louis Vuitton. Because the three brands' power in the local l

Mar 2, 2020By Kim Jae-heun
[EXCLUSIVE] Hermes, Chanel reject Galleria's offer to open stores in new department
K-pop

Virus outbreak to affect BTS' label IPO plan

K-pop band Bangtan Boys perform during their concert at Citi Field in New York on Oct. 7, 2018 (KST). / Courtesy of Big Hit EntertainmentBy Kim Jae-heunBang Si-hyuk, Big Hit Entertainment co-CEOThe Bangtan Boys' (BTS) seemingly-unstoppable domination of K-Pop has been interrupted by the outbreak of the coronavirus. BTS released its fourth full-length album “MAP OF THE SOUL : 7,” last Friday, ready to kick off a world tour starting in Seoul on April 11. However, with the virus spreading across the country, Big Hit Entertainment decided to cancel all four BTS concerts in Korea.The entertainment company said the measure was to protect both the musicians, and approximately 200,000 spectators who bought tickets to watch the shows. The group's next stop on the world tour is Santa Clara in California between April 25 and 26. The boy band is scheduled to hold concerts in seven more venues in the United States. However, Big Hit Entertainment is unsure if BTS will be able to continue with the concerts.“Nothing has been confirmed officially about the concerts abroad. We w

Feb 28, 2020By Kim Jae-heun
Virus outbreak to affect BTS' label IPO plan
Companies

Patriotic words from the heart

Quotations from 30 patriots are seen in the photo. The convenience store GS25 said Wednesday it will run a campaign introducing quotes from Korea's patriotic forebears here in collaboration with the Ministry of Patriots and Veterans Affairs for the upcoming March 1 Independence Movement Day, Sunday. / Courtesy of GS25

Feb 27, 2020By Kim Jae-heun
Companies

Hanwha Galleria to open new department store in Gwanggyo

The Galleria department store in Gwanggyo, in Suwon, Gyeonggi Province. / Courtesy of Hanwha GalleriaBy Kim Jae-heunHanwha Galleria said Thursday it will open a new “Galleria” department store in Gwanggyo, Suwon, Gyeonggi Province, March 2. This will be the first new store since the Hanwha Group franchise opened one in Cheonan, South Chungcheong Province, in 2010.The department store was originally scheduled to open Feb. 27, but was delayed due to the nationwide outbreak of the COVID-19 coronavirus. Hanwha Galleria said the Gwanggyo outlet would be a luxury goods store similar to its franchise in Apgujeong, Seoul.“Our sales target for the opening year of Galleria Gwanggyo is 500 billion won ($410.7 million),” a company official said.The new store is the largest among five that Hanwha Group operates. Its total floor space is 150,000 square meters, with 73,000 square meters to be used as a business area from the basement level to the 12th floor. The building's exterior has a huge rock-layer pattern, and a prism-like passage that winds around the building from th

Feb 27, 2020By Kim Jae-heun
Hanwha Galleria to open new department store in Gwanggyo
Companies

Mass hoarding leads to empty Nongshim shelves, limits on ramen

A Costco store in Uijeongbu, Gyeonggi Province, hangs a notice saying it is limiting customers' purchase to instant ramen to two boxes per day per member car, due to low stocks. / YonhapBy Kim Jae-heunInstant noodle maker Nongshim said Wednesday that one of its warehouses was emptied recently after it failed to keep up with a sudden surge in market demand caused by the ongoing coronavirus epidemic.People nationwide are rushing to buy hand sanitizers, instant noodles and rice amid growing fears that the coronavirus will become a global pandemic and could lead to grocery shortages. A Nongshim representative said he couldn't confirm which warehouse was emptied, and that it was too early to say whether hoarding by panicked shoppers would empty shelves of its products elsewhere, and in worse-hit areas such as Daegu. “Our warehouses are emptied occasionally depending on the time and location,” he said, stressing that this happens from time to time. Nongshim CEO Park JunThe representative added that Nongshim's six manufacturing plants here have increased production by 30 percent

Feb 27, 2020By Kim Jae-heun
Mass hoarding leads to empty Nongshim shelves, limits on ramen
  • Protestant churches urged to cancel Sunday worship
  • Ruling party, government fuel public's mistrust
Companies

People return to offline supermarkets for daily necessities

People queue outside E-Mart in Suseong-gu, Daegu, Monday, to purchase face masks. / Korea Times photo by Park Seo-gangBy Kim Jae-heunOffline stores are seeing an increase in sales after a surge in online shopping has overwhelmed online suppliers.The initial jump in online purchases was sparked by fears of the new coronavirus, leading shoppers to avoid large supermarkets. However, local e-commerce firms did not expect such a sudden and large-scale shift in people's shopping habits, leading to a number of problems. Many e-commerce companies have failed to deliver food on time, and have been forced to close their delivery reservation service due to a backlog of online orders.Out of necessity, consumers have been pushed to return to supermarkets to purchase their daily necessities. Accordingly, sales at Lotte Marts across the country increased by nearly 4 percent between Feb. 19 and 24, compared to sales from a year ago. Instant foods such as pre-cooked rice, packets of instant ramen and bottles of water are largely leading the increase, with sales soaring by 100 percent, 80 percent, an

Feb 26, 2020By Kim Jae-heun
People return to offline supermarkets for daily necessities
  • South Korea reports 334 new virus cases, total now at 1,595
Companies

Coronavirus hits hard on CJ ENM and local film scene

CJ ENM's multiplex cinema chain CGV in Busan is seen empty Saturday due to the spread of the new coronavirus that is convincing movie lovers to stay home. / YonhapBy Kim Jae-heunOne of the country's leading entertainment companies, CJ ENM expects to experience reduced profits as major film theaters are planning to delay new releases in the wake of the rapid spread of COVID-19, with nine fatalities confirmed here as of 4 p.m., Tuesday.CJ ENM had planned to release a black-and-white version of the Oscar-winning film “Parasite,” directed by Bong Joon-ho, Wednesday. But this was put on hold following the government's decision to raise its infectious diseases alert to the highest level as the virus continues to spread.“Currently, we are not sure when we will screen the black-and-white version of Parasite. We are sorry to those who have been waiting for it. We will announce updates after checking the situation, and a release date when things improve,” a CJ ENM official said.The government issued warnings not to attend public events including movie theaters due to th

Feb 25, 2020By Kim Jae-heun
Coronavirus hits hard on CJ ENM and local film scene
Companies

Biotechnology can help malnourished children from low-income families'

Prof. Lee Sang-yup poses for the picture in his office at KAIST in Yuseong-gu, Daejeon, in this 2019 file photo. / Courtesy of Lee Sang-yupBy Kim Jae-heunLee Sang-yup, a distinguished professor at the Department of Chemical and Biomolecular Engineering at Korea Advanced Institute of Science and Technology (KAIST) is one of Korea' most notable scientists today.A 56-year-old scholar spent most of his life studying chemical engineering and obtained his doctoral degree at Northwestern University. After graduating from the top-tier school in the United States, Lee found new interest in metabolic engineering and he has been focusing his studies in the field until now.Metabolic engineering is “the practice of optimizing genetic and regulatory processes within cells to increase the cells' production of a certain substance,” according to the definition by Wikipedia. In the last decade, Lee has recorded a number of remarkable accomplishments, particularly those related to developing new energy sources that can replace fossil resources. “Climate change has now turned into clim

Feb 24, 2020By Kim Jae-heun
Biotechnology can help malnourished children from low-income families'
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