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Tous Les Jours opens 100th store in US

People buy bakery products at Tous Les Jours' 100th store in the United States in Bronxville, New York, on its opening day on Aug. 17. Courtesy of CJ FoodvilleBy Kim Jae-heunTous Les Jours, a bakery franchise operated by CJ Foodville, has opened its 100th store in the United States as Korean-style bread products gains popularity among American consumers, the company said Monday.Bronxville, where the new branch is located, is well known as a high-income neighborhood in New York. It is meaningful as it is the fifth store that the franchisee has opened in the U.S. The company said Tous Les Jours is now recognized as a solid business model due to its high profitability per store. “Tous Les Jours' business on the global stage is booming, as we have witnessed the opening of the 100th store in the United States. We are also planning to build a production line in the U.S. in the second half of this year in line with our efforts to promote the Korean bakery worldwide,” a CJ Foodville official said. The bakery chain's business in the U.S. has been rapidly growing over the past five

Aug 21, 2023By Kim Jae-heun
Tous Les Jours opens 100th store in US
Companies

Starbucks opens 6th community store to support descendants of national patriots

Starbucks Korea CEO Sohn Jeong-hyun, left, poses with Minister of Patriots and Veterans Affairs Park Min-shik, center, and President of Korea National Council on Social Welfare Kim Soung-yee at Starbucks Korea's sixth community store in Jongno-gu, Seoul, Friday. Courtesy of Starbucks KoreaBy Kim Jae-heunStarbucks Korea has refurbished its Dongnimmun Station branch in Jongno-gu, Seoul, as its sixth community store and revealed plans to support descendants of national merit, Korea's largest coffee chain said Friday.The community store is a profit-sharing shop that Starbucks Korea has been introducing since 2014 as part of its social contribution efforts to support non-governmental organizations. The coffee franchise donates 300 won (22 cents) per product sold at its community stores.As the sixth community store aims to support descendants of national merit, the renovated store was selected near Dongnimmun Station, where the country's independence gate is located. “The Starbucks Community Store contributes positively to the community and demonstrates our mission to create infinite

Aug 18, 2023By Kim Jae-heun
Starbucks opens 6th community store to support descendants of national patriots
Companies

Refiners under pressure not to raise fuel prices

Director General of Bureau of Resources Industry Policy at Ministry of Trade, Industry and Energy Yu Beop-min, center, speaks during a meeting with oil industry officials at the headquarters of Korea Petroleum Association in Seoul, Friday. Courtesy of Ministry of Trade, Industry and EnergyBy Kim Jae-heunLocal refiners are under pressure to join government efforts to stabilize fuel prices amid its decision to extend the petroleum tax reduction period until the end of October, an industry official said, Friday.The Ministry of Trade, Industry and Energy held a meeting with officials from oil refiners to check fuel market trends at the headquarters of the Korea Petroleum Association in Yeouido, Seoul. “As the government has decided to extend the tax cut period until October to reduce the nation's burden, we ask the companies to work with us in stabilizing domestic fuel prices ― particularly, by not raising them more than the recent increased rate of international petroleum,” Yu Beop-min, the ministry's director general of the bureau of resources and industry policy, said. Yu

Aug 18, 2023By Kim Jae-heun
Refiners under pressure not to raise fuel prices
Companies

CJ Logistics loses market share as Coupang surges

CJ Logistics delivery worker hands over a parcel to customer in Seoul, March 28. Korea Times fileBy Kim Jae-heunCJ Logistics, the country's largest logistics firm, has been losing market share as Coupang's logistic unit caters to more and more online shoppers, according to industry officials, Thursday.CJ has seen its market share decline since 2021 when Korea's largest e-commerce firm established Coupang Logistics Service (CLS), which was registered as its proprietary courier business with the Ministry of Land, Infrastructure, and Transport.CJ's market share fell from 50.1 percent in 2020 to 48.3 percent in 2021, 45.7 percent in 2022 and 44.3 percent, last year, according to the logistics company. Even though Coupang CLS declined to disclose its market share, it is said to be the second-largest delivery firm, according to many industry officials. In 2022, the number of parcels delivered by Coupang CLS reached 1.3 billion, which accounts for 36.1 percent of the total 3.61 billion parcels delivered in the country.“We saw our market share fall slightly (in the first half of this y

Aug 18, 2023By Kim Jae-heun
CJ Logistics loses market share as Coupang surges
Companies

E-commerce firms focus on cosmetics business

America's No.1 online perfume shop “Fragrance.com” opened at SSG.com / Courtesy of SSG.comBy Kim Jae-heunE-commerce firms are competing fiercely to secure a bigger slice of the rapidly-growing online cosmetics market, according to company officials, Thursday.Kurly, the operator of e-grocery platform Market Kurly, launched an online cosmetics specialty store “Beauty Kurly,” last November, to ease its heavy reliance on the fresh food business and prepare for a future initial public offering. Only nine months after opening, its online cosmetics shop saw the cumulative number of buyers surpass 3 million. It also launched a French cosmetics brand “La Rosee” exclusively at its online mall recently, adding 37 brands to its line-up.“Our main consumer group for online cosmetics mall is women in their 30s and 40s, who are familiar with our brand from purchasing fresh food at Market Kurly,' a Kurly official said. “Based on our full-cold-chain system that allows overnight delivery, we have successfully induced many of our loyal customers to 'Beauty

Aug 17, 2023By Kim Jae-heun
E-commerce firms focus on cosmetics business
Companies

City Oil Field joins hands with Vietnam's BIWASE in plastic waste recycling

City Oil Field CEO Jeong Yeong-hun, left, shakes hands with BIWASE Chairman Tran Chien Cong, center, after signing a memorandum of understanding in Binh Duong, Vietnam, Monday. Courtesy of City Oil FieldBy Kim Jae-heunCity Oil Field, a local waste recycling firm, signed a business agreement with Vietnam's largest environmental company BIWASE to cooperate in recycling waste plastics and promoting a virtuous cycle, the company said Wednesday.In 2020, BIWASE formed a partnership with City Oil Field to run the very first chemical recycling project in Vietnam, which adopted the Extended Producer Responsibility (EPR) system. EPR obliges producers to reuse more than a certain amount of recyclable waste per the related enforced ordinances on saving resources and promoting recycling. The firms signed a memorandum of understanding, Monday.Under the agreement, City Oil Field plans to start construction of a regenerated green oil plant on a recycling site owned by BIWASE this year. It will also build Vietnam's first chemical recycling facility to recycle plastic waste under EPR recognition. The

Aug 17, 2023By Kim Jae-heun
City Oil Field joins hands with Vietnam's BIWASE in plastic waste recycling
Companies

Legoland to recall harmful unicorn cap

Legoland Korea announces on its official website that it will recall all unicorn hats sold at its theme park and refund customers. / Screenshot from Legoland's official websiteBy Kim Jae-heunLegoland Korea Resort has decided to recall unicorn caps sold at its theme park after discovering they contain excessive amounts of harmful chemicals, the company said Wednesday.According to the safety inspection on children's products conducted by the Korea Agency for Technology and Standards, affiliated with the Ministry of Trade, Industry and Energy, 1.4 times more nonylphenol than the maximum allowable level of 100 milligrams per kilogram was found in the unicorn hats.The theme park stopped selling the product immediately and recalled those that have already been sold, following the ministry's order. Legoland said it has sold a total of 292 hats since July 1, when they first went on sale. “First of all, we are truly sorry for causing such a problem,” a Legoland official said. “After confirming the fact, we immediately stopped sales of the unicorn hats. We will make more effo

Aug 16, 2023By Kim Jae-heun
Legoland to recall harmful unicorn cap
Companies

Korea seeks to win railway construction projects in Paraguay

Minister of Land, Infrastructure and Transport Won Hee-ryong, right, delivers President Yoon Suk Yeol's congratulatory letter to Paraguayan President Santiago Pena Palacios at the presidential office in Asuncion, Monday (local time). YonhapBy Kim Jae-heunMinister of Land, Infrastructure and Transport Won Hee-ryong, met with Paraguay's new President Santiago Pena Palacios and the head of the South American country's senate to discuss a light rail transit business project in its capital, Asuncion, the ministry said Tuesday. Won, who is also visiting the South American nation as a special envoy of President Yoon Suk Yeol to congratulate the new Paraguayan president on his inauguration, asked for the country's cooperation in supporting Korea's bid to build the public transportation system in the capital city.“(The Korean government) hopes that the light rail project in Asuncion will be completed within (President Pena's) term so that the people of Paraguay can use it, while the special law is enacted to help Korean companies to secure business rights to expedite the project,”

Aug 15, 2023By Kim Jae-heun
Korea seeks to win railway construction projects in Paraguay
Companies

Emart lags behind Coupang due to overhead cost burden

Coupang's delivery trucks are parked at the company's logistics center in Seoul, in this 2021 file photo. YonhapBy Kim Jae-heunEmart, the country's largest discount store chain, has been lagging behind Coupang, the largest e-commerce firm, in sales and operating profits as more and more consumers shop online, according to industry officials, Tuesday. In addition, Emart is spending a huge amount of money to operate its stores, while Coupang does not have to. That means Emart cannot surpass Coupang in terms of profitability.The e-commerce firm surpassed Emart both in sales and operating profit in the second quarter of the year. Coupang's revenue soared 21 percent year-on-year to 7.67 trillion won ($5.84 billion). Emart's sales increased only 1.7 percent over the same period to 7.27 trillion won. Coupang posted a 194 billion won operating profit, while Emart lost 53 billion won.Emart's underperformance is mainly attributed to the company's strategic retreat that focused on renewing old stores and expanding its e-commerce business. The large discount store market here has been suffering

Aug 15, 2023By Kim Jae-heun
Emart lags behind Coupang due to overhead cost burden
Companies

Analysts project Kolmar Korea to benefit from influx of Chinese visitors

Kolmar Korea's building in Seoul / Courtesy of Kolmar Korea By Kim Jae-heunKolmar Korea, a major cosmetics original design manufacturer, is seeing an improved business outlook due to returning Chinese tour groups and growing business partnerships with U.S. and other foreign cosmetics firms, according to securities analysts, Monday.The Chinese government has recently allowed its nationals to travel in groups to 78 countries around the world, including Korea. It is the first time in six years that Chinese tour groups will visit Seoul. “Incoming tour groups from China will create momentum for the cosmetics firm's stock price to rise. We also expect Kolmar Korea to gain more orders in the United States while benefiting from the economic recovery in China and business improvement in the domestic market,” Hana Securities researcher Park Eun-jung said. “Kolmar Korea achieved the highest business performance in the second quarter of this year, thanks to the orders obtained

Aug 14, 2023By Kim Jae-heun
Analysts project Kolmar Korea to benefit from influx of Chinese visitors
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