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Shinsegae, Lotte to compete in metaverse

NFT characters of Lotte Homeshopping's Belly Gom, left, and Shinsegae's Puuvilla are seen in the pictures. Courtesy of Lotte Homeshopping and ShinsegaeBy Kim Jae-heunCompetition among the two local retail giants, Shinsegae and Lotte, has ignited in the virtual world, which is emerging as new a future growth engine. There is a new trend of enjoying culture in the metaverse, where companies believe more and more people will spend their money ― in virtual department stores and amusement parks ― as they spend more time online.Shinsegae is ahead of Lotte in the metaverse business. Avatars of K-pop band Black Pink pose in the virtual platform of Zepeto, run by IT firm Naver. Courtesy of NaverZepeto is Korea's largest metaverse platform operated by Naver and Shinsegae and has already opened its Starfield shopping mall there.The retail firm also submitted an application to register a trademark for its Emart supermarket discount store on the metaverse recently, which is part of its ultimate goal of building a “Shinsegae Universe” online. Shinsegae Department Store currently runs s

Sep 23, 2022By Kim Jae-heun
Shinsegae, Lotte to compete in metaverse
Companies

Namyang founder ordered to hand over shares to Hahn & Company

Namyang Diary Product Chairman Hong Won-sik wipes tears from his eyes as he steps down from his position at the company's headquarters in Seoul on May 4. Korea Times fileBy Kim Jae-heunA court has ordered Namyang Dairy founder and his family members to hand over their controlling stake in the dairy company to local private equity firm (PEF) Hahn & Company as they agreed last year. The Seoul Central District Court ruled against Namyang Chairman Hong Won-sik and his family, Thursday, saying they should honor their stock purchase agreement (SPA) with the PEF, dismissing all their claims. In May of last year, Hong and his family members signed the pact to sell their 53.8-percent stake in the firm for 310.7 billion won ($220.2 million), but four months later, they canceled the deal, arguing that Hahn & Company unjustly interfered in their firm's management and violated a non-disclosure agreement.The PEF then filed a lawsuit against Hong, asking him to honor the contract. It said that since the agreement was finalized, it has every right to appoint its candidates as the dairy firm'

Sep 22, 2022By Kim Jae-heun
Namyang founder ordered to hand over shares to Hahn & Company
Companies

RDA helps boost food security in Asian nations

An RDA staff member talks to local farmers about agricultural technology at The National Centre for Organic Agriculture in Yusipang, Bhutan, on Aug. 31. Courtesy of RDABy Kim Jae-heunThe Rural Development Administration (RDA) has been accelerating its efforts to help Bhutan and other Asian nations bolster their food security by sharing its advanced agricultural knowledge and experiences, the state-run agricultural research institute said, Wednesday.RDA has come forward to provide its agricultural technology acquired over 60 years to developing countries in Asia. The agency aims to help them increase food production and improve local farms' incomes based on its Asia Food Agriculture Cooperation Initiative (AFACI). The AFACI is like a welcome rain after a drought for Asian countries that are facing difficulties improving their agricultural technologies to increase food growth in the country. It is a multilateral consultative body jointly established in 2009 by the RDA and 12 Asian countries including Vietnam. The member nations set regional goals to contribute to improving agricultural

Sep 22, 2022By Kim Jae-heun
RDA helps boost food security in Asian nations
Companies

Osstem Implant trains Mexican dentists

Osstem Implant Chairman Choi Kyoo-ok, second row fifth from left, poses with 135 Mexican dentists at the company's headquarters in Seoul, Saturday. Courtesy of Osstem ImplantBy Kim Jae-heun Osstem Implant welcomed 135 dentists and officials from Mexico with a training session and introduced to them its products at its headquarters in Seoul, Sept. 17, the company said Tuesday. It is part of the dental implant company's strategy to expand its sales network in the South American market. The invitation event was organized by Osstem Implant's overseas branch in Mexico. Dentists had a chance to experience more than 10,000 different types of products by Osstem Implant and try some of them out during a clinical practice session afterwards. “It is our first time inviting customers from overseas to give them a training session with our products. We have successfully increased our brands' reliability and affinity for Mexican dentists through our excellent infrastructure at the Korean headquarters,” an Osstem Implant official said. The dental implant company currently operates Latin

Sep 20, 2022By Kim Jae-heun
Osstem Implant trains Mexican dentists
Companies

Maryland governor, KITA chief discuss economic cooperation

Governor of Maryland Larry Hogan, left, shakes hand with KITA Chairman Christopher Koo at a hotel in Seoul, on Sept. 19. Courtesy of KITABy Kim Jae-heunMaryland Governor Larry Hogan visited the Korea International Trade Association (KITA) in Seoul, Monday, for a meeting with its chairman, Christopher Koo, to discuss a range of economic issues involving Korea and the United States, according to KITA officials. Hogan, called by some here as the “Korean son-in-law” because he is married to Korean American Yumi Hogan, came to Korea with his economic mission on Sept. 13. He met with President Yoon Suk-yeol to share opinions on the new Inflation Reduction Act (IRA) on Sept. 16.“Korea and the United States are working closely together to build a sustainable global supply chain in the high-tech industries of semiconductors, secondary batteries and the bioindustry. Maryland, in particular, has competitiveness in the bio and aerospace sectors and Korea hopes to expand its cooperation with the American state in the future,” KITA Chairman Christopher Koo said. Hogan, of t

Sep 20, 2022By Kim Jae-heun
Maryland governor, KITA chief discuss economic cooperation
Companies

Food retail chains concerned amid intensifying price war

Fried chicken is sold for 6,990 won a bucket at a Homeplus store in Seoul, Aug. 9. Courtesy of HomeplusBy Kim Jae-heunConcerns are growing over retailers' financial soundness as they are engaged in an intensifying price war to attract increasingly frugal consumers, according to industry officials, Monday. Retail store chains and convenience stores, in particular, have been introducing “special” prices for popular food items like fried chicken, pizza and caffeine drinks since June. However, they had not expected to carry on the promotional event for more than a month and have been giving the deep discounts for a wider variety of food products upon customer request, the officials said.Homeplus kicked off the ongoing price-cutting competition on June 30, when it introduced Dang Dang Chicken for 6,000 won ($4.31) at its stores. The chicken, sold for a fraction of the costs offered by restaurants, instantly won attention with people who were unhappy with local fried chicken franchises raising prices due to inflated raw materials prices and rising labor costs. The retailer has

Sep 19, 2022By Kim Jae-heun
Food retail chains concerned amid intensifying price war
Companies

Department store sales recover after lifting of quarantine measures

Foreign tourists walk through central Seoul's Myeong-dong market, Aug. 10. YonhapBy Kim Jae-heunThe government's lifting of quarantine measures on foreign visitors to Korea is helping local department stores see a sales recovery.Since Sept. 3, all inbound tourists have been exempted from taking COVID-19 tests before entering Korea. This led the number of visitors here to skyrocket from 80,000 early this year to 260,000 in July and 400,000 this month, the Korea Tourism Organization said.Hyundai Department Store said sales generated by tourists between July and August jumped 198 percent year-on-year. “After COVID-19 hit the country, sales generated by tourists decreased 70 percent year-on-year in 2020. However, as the world has shown signs of recovering from the pandemic since the beginning of this year, business has been recovering,” a Hyundai Department Store official said. In the first quarter of this year, Hyundai Department Store's sales coming from tourists increased 90 percent year-on-year, followed by 129 percent in the second half. Foreigners mainly purchased cosme

Sep 19, 2022By Kim Jae-heun
Department store sales recover after lifting of quarantine measures
Companies

Kimchi supply hit by cabbage shortage

Ready-made kimchi products are displayed on a shelf at a large discount store in Seoul in this 2021 file photo. YonhapBy Kim Jae-heunPrice hikes of Napa cabbage have led to an increase in demand for ready-made kimchi at large discount stores here, but sales have fallen due to a lack of products in stock affected by a short supply of food materials in the country. Daesang, the top kimchi producer in the world, has recently been distributing only half the regular amount of 3.3 kilogram cabbage kimchi products to a large discount store in Yeoungdeungpo District, Seoul, , according to industry sources, Sunday.“Sales of kimchi products at large discount stores between Sept. 9 and Sept. 15 decreased 17.7 percent year-on-year. It is not due to decreasing demand or deteriorating quality of the food, but because of a short supply of stock,” a food firm official said. It is not only cabbage that is seeing supplies fall short. Radishes, a main ingredient to for another variety of kimchi, are also seeing supplies fall short of demand.Normally, kimchi manufacturers secure necessary fo

Sep 18, 2022By Kim Jae-heun
Kimchi supply hit by cabbage shortage
Companies

McDonald's Korea struggles again to secure ingredients

McDonald's hamburger set menu item / Courtesy of McDonald's KoreaBy Kim Jae-heunMcDonald's Korea is struggling once again to secure sufficient amounts of lettuce for its burgers, raising questions about its ability to ensure a stable supply of raw ingredients, according to industry officials, Wednesday.On Tuesday, McDonald's Korea posted a notification on its website saying, “Some restaurants may serve products with little or no lettuce due to unstable lettuce supply caused by weather events. In these cases, a free drink coupon that can be redeemed in our restaurants will be provided with your order.”The company's spokesman said local firms have been unable to produce enough lettuce in recent weeks due to Typhoon Hinnamnor and other unfavorable weather conditions. Last year, McDonald's failed to secure a stable supply of potatoes and tomatoes.Against these backdrops, the Korean unit of the world's largest fast food chain said it is preparing countermeasures to cope with the same issue in the future, but declined to reveal details.McDonald's Korea posted a notification abo

Sep 14, 2022By Kim Jae-heun
McDonald's Korea struggles again to secure ingredients
Companies

Coupang denies sale of its food delivery platform

A Coupang Eats delivery driver delivers food ordered online by bicycle in Seoul on Jan. 29, 2021. Korea Times fileBy Kim Jae-heunCoupang, Korea's largest e-commerce company, has denied a recent media report that it was looking to sell its food delivery platform amid intensifying competition and market saturation, company officials said Monday.“The ongoing rumor that we are going to sell our business is not true. Also, we cannot comment on any issues related to M&A deals,” a Coupang official said, dismissing the sale of Coupang Eats as a groundless rumor.About its delivery driver shortage and the deterioration of its delivery services, the official said Coupang Eats is looking for a business partner to secure a sufficient number of full-time workers.Citing an unnamed industry official, a local newspaper said that ever since April when the government lifted COVID-19 social distancing measures that limited private gathering sizes and multi-facility operating hours, Coupang Eats has been losing customers as more people started returning to restaurants to dine in person. I

Sep 13, 2022By Kim Jae-heun
Coupang denies sale of its food delivery platform
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