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New coronavirus changes consumption pattern

Coupang deliveryman pose for picture in this 2016 file photo. / Courtesy of CoupangBy Kim Jae-heunAs the number of patients infected with the new coronavirus here has continued to rise precipitously to 556 as of Sunday, society's consumption patterns ― ranging from hobbies to dining ― have changed drastically. A majority of customers have shifted from offline to shop online instead of visiting department stores or supermarkets. Additionally, demand for health and hygiene products is beating out that for cosmetics or fashion. The outbreak has convinced more and more people to do everything at home from exercising to drinking. With the number of patients confirmed to have the virus soared last week, services delivering fresh food for the country's largest online retailer Coupang closed early after the company ran out of stock.Coupang's other service of transporting daily needs and shopping items to customers is facing delays being as there are not enough delivery men to cover the volume of orders. The e-commerce company saw a record high delivery total of 3.3 million items in just one

Feb 24, 2020By Kim Jae-heun
New coronavirus changes consumption pattern
Politics

Lotte Shopping to overcome slump through largest-scale restructuring

A number of people shop at Lotte Super store in Siheung, Gyeonggi Province, in this 2019 file photo. / Courtesy of Lotte ShoppingBy Kim Jae-heunLotte Shopping Vice Chairman and CEO Kang Hee-taeLotte Shopping Co., will carry out its largest restructuring project since its inception in 1970, following the deteriorating performance of its subsidiaries. In the last two years, its business profits have plunged nearly 50 percent from 801 billion won in 2017 to 4279 billion won in 2019. The retail giant also experienced a net loss of 853.6 billion won. Lotte Group Chairman Shin Dong-bin vowed during last month's presidential board meeting that he will close down all businesses that do not generate profits.The retail unit's headquarters announced Thursday it will shut down 30 percent of its stores across the country. Lotte Super, in particular, will close 70 of its 412 supermarkets starting with those located on the outskirts of Seoul, where business performance was the worst. Due to tightening government regulations, Lotte Supers' growth rate has stagnated. The government blocking the openi

Feb 23, 2020By Kim Jae-heun
Lotte Shopping to overcome slump through largest-scale restructuring
Companies

Yogiyo to launch dark store brand in second half of this year

Yogiyo deliveryman starts engine of his scooter to deliver food in Hyehwa-dong, Jung-gu, Seoul, in this 2019 file photo. / Korea Times photo by Park Ji-yoonBy Kim Jae-heunThe country's No. 2 delivery service application Yogiyo will launch a new dark store brand similar to “B Mart” operated by the largest delivery player Baedal Minjok (Baemin). Its operator Delivery Hero announced Thursday it had scouted a new director, Kim So-jung, for the dark store business from eBay Korea. Kim is an e-commerce and retail business expert.Yogiyo has not revealed what exactly its new dark store application will look like or how it will operate. But the company said it will be similar to the “B Mart” service currently run by Baemin.The B Mart service delivers instant food products and home meal replacements. It currently supplies some 3,600 products including fruit, salads, pet items and fresh food. CEO Kim Bong-jin of Woowa Brothers, which operates Baemin, has publically introduced B Mart as the main business of the company this year.Unlike the services operated by e-Commerce

Feb 23, 2020By Kim Jae-heun
Yogiyo to launch dark store brand in second half of this year
Companies

K-food to go global

A golf fan visits CJ Cheil Jedang's booth installed at the “Genesis Invitational,” a contest held at Riviera Country Club in Calif., the United States, on Feb. 14. Korea's leading food culture company displayed products of its Korean food brand Bibigo there to promote its items in the American market. / Courtesy of CJ Cheil Jedang.

Feb 23, 2020By Kim Jae-heun
Companies

E-Mart, Lotte Shopping credit rating downgraded

Workers disinfect Lotte Mart in Yuseong-gu, Daejeon, Sunday, after it was confirmed that a married couple diagnosed with the new coronavirus had visited the hypermarket. / Yonhap By Kim Jae-heunThe credit ratings of two South Korean retailers have been downgraded as the outbreak of the coronavirus here has resulted in local customers stopping outdoor activities which has hit the giants' core hypermarket businesses.Moody's Investors Service (Moody's) and Standard & Poor's Financial Service (S&P) cut their outlook on the two local retailers to negative after the companies' profitability and financial leverage weakened significantly in 2019.Moody's withdrew E-Mart's Baa3 issuer rating and assigned a Ba1 corporate family rating (CFR). “Our expectation is that these factors will not improve meaningfully over the next one to two years,” Moody's Vice President and Senior Credit Officer Yoo Wan-hee said in a statement. “The company faces ongoing challenges in its core hypermarket business and its capital spending remains elevated.”The global credit rating

Feb 23, 2020By Kim Jae-heun
E-Mart, Lotte Shopping credit rating downgraded
  • 'Virus to have limited impact on Z Flip, Fold output,' Samsung says
Companies

Listing Lotte Hotel to tighten Shin's grip over Lotte Group

Lotte Group Chairman Shin Dong-binBy Kim Jae-heunSome observers believe that Lotte Group Chairman Shin Dong-bin’s resignation from Lotte Hotel was made to lessen his influence over Japanese major shareholders. This would make it easier to list the firm publicly on the Seoul bourse, thereby tightening his leadership role within the Lotte enterprise.Shin, who became CEO of Lotte Hotel in 2015 resigned Dec. 31, 2019, but still remains as an unregistered director.The resignation was “an effort to strengthen responsible management,” Lotte Group said, resulting from a Supreme Court decision to suspend Shin’s prison sentence in October 2018.But market watchers believe Shin’s move is, in part, to help to publicly list Hotel Lotte as a means to tighten his grip within the conglomerate.Listing Hotel Lotte will complete Shin’s reform of corporate governance that shows Japanese firms having a controlling stake.Currently, over 99 percent of Lotte Group’s shares are owned by Japan’s Lotte Holding and other Japanese Lotte subsidiaries.“The

Feb 20, 2020By Kim Jae-heun
Listing Lotte Hotel to tighten Shin's grip over Lotte Group
Companies

Starbucks Korea to strengthen IT service with 'My Starbucks Reward'

A customer orders drinks and a muffin with the 'siren order' system on her mobile application at a Starbucks coffee shop in Seoul in this 2018 file photo. / Yonhap By Kim Jae-heunThe National Assembly passed three bills related to data last month that allowed the open banking system used by local banks and FinTech firms to access the information. This has opened a new world for many enterprises to use big data in collecting information about their customers, and Starbucks Korea is no exception. In fact, it is in a strong position to utilize big data and the open banking system to the fullestKorea is the fifth largest market for the American coffee franchise, with over 1,380 outlets currently operating nationwide, and among them, 850 have been designated “no cash shops.” The global coffee chain adopted the program starting last April and it has been encouraging people to use its “My Starbucks Reward” system where customers charge their mobile application card to pay.

Feb 19, 2020By Kim Jae-heun
Starbucks Korea to strengthen IT service with 'My Starbucks Reward'
Companies

Shinsegae to continue its partnership with Starbucks

By Kim Jae-heunShinsegae Group Vice Chairman Chung Yong-jinReports surfaced last year that Shinsegae Group will extend its partnership contract with Starbucks Korea, continuing their 20-year run.The 20-year-contract between Shinsaegae and Starbucks will see the local retail giant operating the American coffee chain throughout Korea and supplying necessary products to the franchise coffee shops.Starbucks Korea is a partnership of the Starbucks and Shinsegae Corporations and therefore affiliated by proxy with E-mart.With worsened sales performance from E-mart, Shinsegae experienced a loss in earnings during the second quarter of last year. Despite these losses Shinsegae was hoping to continue its partnership with Starbucks.Starbucks Korea CEO Song Ho-seobStarbucks Korea has been showing double-digit growth every year since 2016 and has now positioned itself at the top of the coffee franchise industry. According to E-mart, Starbucks Korea recorded 1.86 trillion won ($15.72 billion) sales last year, up 22.8 percent from 2018. Its business profits have also increased from 142.8 billion wo

Feb 18, 2020By Kim Jae-heun
Shinsegae to continue its partnership with Starbucks
Companies

Posco International discovers new gas reservoir

Posco International gas production facility at A-30 in Myanmar is seen in this 2020 photo. / Courtesy of Posco InternationalBy Kim Jae-heunThe country's largest trading company POSCO International said Monday it has discovered a new gas reservoir in Myanmar, where it is already operating a large-scale gas field. The company said it hopes to develop another gas field there pending positive evaluation of the deposit's viability.According to the POSCO affiliate, it confirmed approximately 38 million cubic feet of gas productivity per day on Mahar as a result of drill stem test. The company will begin drilling into the stratum to conduct complete evaluation of the natural resource starting next year and announce an updated plan to operate the new gas field. POSCO International's gas business in Myanmar has long been the company's cash cow. It is currently operating two gas fields on Shwe in A-1 mine lot and Mya in A-3 mine lot. The gas it produces in three fields are sold to Myanmar and China. The company recorded its largest business profit of 650.3 billion won ($549.84 million) last ye

Feb 17, 2020By Kim Jae-heun
Posco International discovers new gas reservoir
Companies

Yoon becomes Starbucks ambassador with 'takju latte'

Starbucks Korea's 2020 ambassador Yoon Byung-kwon introduces his takju latte at a coffee shop in Seoul, on Feb. 12. / Courtesy of Starbucks KoreaBy Kim Jae-heunEvery year, American coffeehouse chain Starbucks selects one ambassador to represent some 17,000 baristas working in Korea. Starbucks ambassadors must have a deep knowledge of coffee and show passion for their job as they are required to participate in various company events, giving lectures and promoting the brand. They also get to visit the Starbucks headquarters in Seattle to join the exchange program with global coffee experts there.This year, Starbucks Korea has chosen two ambassadors. The company said it is to raise the level of their baristas here, where the country's coffee consumption ranks No. 6 in the world. 29-year-old barista Yoon Byung-kwon is one of two ambassadors to represent Starbucks Korea in 2020. Yoon won the contest by introducing the world' first “takju latte,” which is made by adding espresso to non-alcoholic rice wine. Takju is a broad term for Korean rice wine, better known as makgeolli, w

Feb 17, 2020By Kim Jae-heun
Yoon becomes Starbucks ambassador with 'takju latte'
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