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Kyochon hit for raising delivery fees

Kyochon F&B's delivery scooters are parked in front of a restaurant in Seoul on July 13. NewsisBy Kim Jae-heunKyochon F&B, the country's largest fried chicken franchise by sales, is facing growing criticism from consumers for raising delivery fees by 33 percent to 4,000 won ($3.05) from 3,000 won, according to consumer groups, Monday. The company said the chicken delivery fees are decided by its franchisees and the headquarters has no say on individual franchise owners' decisions.“I know there is criticism toward the headquarters over higher delivery costs, but it is not up to us to decide the rate. We just follow our franchisees' decisions,” a Kyochon F&B official said.However, consumers refute Kyochon F&B's claim, saying its operating profit rose 8.1 percent last year, and if it shared its profits with franchisees, they would not have to raise the delivery fees.“Kyochon F&B is avoiding its responsibility to the restaurant owners, which is the act of a coward. They have increased all the fees reflecting the recent inflated costs of food material

Jul 19, 2022By Kim Jae-heun
Kyochon hit for raising delivery fees
Companies

Coupang hits jackpot with Tottenham, Sevilla football friendlies

Tottenham Hotspur manager Antonio Conte, left, poses with Son Heung-min after a pre-match press conference at Seoul World Cup Stadium in Mapo District, Seoul, on July 12. YonhapBy Kim Jae-heunCoupang Play, an over-the-top (OTT) service run by local e-commerce firm Coupang, attracted a record-high number of viewers with its “Coupang Play Series” that invited international soccer teams Tottenham Hotspur and Sevilla FC, the company said Sunday.The two friendly matches, which included a game against Team K League, were live streamed in Korea attracting nearly 3 million online viewers. About 1.84 million viewers watched Tottenham's game against Team K League on July 13 to cheer for Korean soccer star Son Heung-min. A total of 627,330 new users signed up for the membership program to watch the soccer match in one day, according to mobile big data platform, Mobile Index. On July 16, 1.1 million viewers logged on to Coupang Play to watch the English team play against the Spanish club online. The soccer match was exclusively broadcast on Coupang Play for its Wow Membership users o

Jul 18, 2022By Kim Jae-heun
Coupang hits jackpot with Tottenham, Sevilla football friendlies
Companies

Convenience store cake snacks grow in popularity as bakery prices rise

Pokemon cake snacks are displayed on a shelf at a GS25 convenience store in Seoul on March 11. YonhapBy Kim Jae-heunWith major bakery chains here raising prices sharply due to soaring grain and other raw material costs, relatively cheaper bread products sold at convenience stores have been received well by price-sensitive consumers, according to industry officials, Sunday. CU, one of the country's largest convenience store franchises, saw its cake snack sales skyrocket by 72.1 percent in June from a year ago. GS25, operated by GS Retail, also said its sales of similar items jumped 47.8 percent.It was the Pokemon Cake that started the growing popularity of such snack products sold at convenience stores back in February of this year, as it recorded accumulated sales of 50 million items as of July 12. Consumers learned that such items sold at convenience stores are actually of reasonable quality and their prices are pretty competitive, in a time of global inflation. “Thanks to the Pokemon Cake craze that grabbed many people's attention, we were also able to enjoy a big increase in

Jul 17, 2022By Kim Jae-heun
Convenience store cake snacks grow in popularity as bakery prices rise
Companies

Food service industry anxious over COVID-19 resurgence

People drink and eat outdoors in downtown Seoul on April 23. Korea Times fileBy Kim Jae-heunAs Korea is experiencing a resurgence of new Omicron subvariant cases, the local food service industry is deeply concerned that the government could adopt stricter quarantine measures again. On Thursday, the number of daily new COVID-19 infections reached 39,196, more than double what it was a week earlier. If the government brings back restrictions on late-night operating hours for multi-use facilities or limitations on the size of private gatherings, restaurants and bar owners worry they will inevitably face losses. “We just started to see people come out to eat and drink. But because we are seeing a rapid rise in new COVID-19 cases here, I am worried things will go back to where they were a year ago,” a restaurant owner surnamed Kim said. The owner of a bar surnamed Kang said that the situation is worse for small business owners now compared to in 2021 because with time, rent and labor costs have increased, and public utility costs have risen. On July 1, the government raised el

Jul 15, 2022By Kim Jae-heun
Food service industry anxious over COVID-19 resurgence
Companies

Kakao establishes co-CEO management structure

Kakao CEOs Namkoong Whon, left, and Hong Eun-taek / Courtesy of KakaoBy Kim Jae-heunKakao established a two-CEO structure to strengthen its social responsibility and enhance corporate value, according to the company, Thursday.The company held a board meeting on July 14 in which Hong Eun-taek, co-head of the company's Corporate Alignment Center (CAC), was appointed as co-CEO to lead the company alongside CEO Namkoong Whon. Hong will continue to head the CAC and Kakao Impact Foundation as its director. “We have appointed Hong as co-CEO with an aim to achieve both goals of strengthening Kakao's corporate social responsibility and enhancing its value,” a Kakao official said.Hong will be tasked to further strengthen the company's environmental, social and corporate governance (ESG) management ― which he was already in charge of at the CAC, and oversee sustainable growth strategies. Namkoong plans to focus on increasing corporate value by leading the company's global expansion by continuing to lead Kakao's services and businesses. “The two CEOs will carry on with their pr

Jul 14, 2022By Kim Jae-heun
Kakao establishes co-CEO management structure
  • Appointment of workplace bully as co-CEO stirs employee discontent
Companies

Retailers expand refund, compensation policies to attract customers

A customer orders fresh food with her mobile phone in Seoul in this 2020 file photo. Korea Times fileBy Kim Jae-heunOnline retailers are adopting refund policies for their products sold on the internet to attract customers amid the record-high inflation. This sort of marketing strategy is often offered by companies when the cost of living rises rapidly or during an economic recession.SSG.com, an e-commerce affiliate of Shinsegae, said Tuesday it will expand its refund policy nationwide for all the fresh food it sells on its online grocery platform. The company has only been providing the service in the capital since March 2019. Customers who are not satisfied with any fresh food that has a refundable tag on it can ask to exchange the item or for a refund. SSG.com has simplified its refund procedures, only requiring customers to take a photo of their purchased product and submit it online. “Often, there is a stereotype among shoppers that they need to buy fruit and vegetables after checking their condition with their own eyes at a store. To break this expectation, we have come u

Jul 13, 2022By Kim Jae-heun
Retailers expand refund, compensation policies to attract customers
Companies

Counterfeit scandals push customers away from luxury online shopping platforms

Tren:be employees check the authenticity of luxury goods at the company's office in Seocho, Seoul, on April 6, 2021. Korea Times fileBy Kim Jae-heunThe number of shoppers using online luxury shopping platforms is rapidly decreasing after their brand image has been tainted due to recent counterfeit scandals. In early April, the country's largest online fashion mall, Musinsa, was hit for selling fake apparel through the brand, Essentials. Essentials is a sub-label of the American luxury streetwear brand, Fear of God.Last month, the local luxury shopping platform, Balaan, was also caught selling imitations of the Nike Air Jordan 1 Retro High Og X Travis Scott Mocha sneaker by a customer. Such scandals have led many consumers to question the authenticity of luxury goods sold on the internet, thus avoiding online shopping platforms. According to Mobile Index, a data analysis service, on Wednesday, the number of monthly active users (MAU) of local luxury shopping platforms including Balaan, Must It and Tren:be, dropped by up to 40 percent compared to its highest point last month. Specifica

Jul 13, 2022By Kim Jae-heun
Counterfeit scandals push customers away from luxury online shopping platforms
Companies

HanmiGlobal acquires UK's Walker Sime

By Kim Jae-heunHanmiGlobal Chairman Kim Jong-hoon / Courtesy of HanmiGlobalHanmiGlobal has acquired the UK construction consultancy firm Walker Sime to expand its presence in Europe, the company said, Tuesday.Through its U.K. subsidiary, the Korean firm purchased a 92.5 percent stake in Walker Sime to become its largest shareholder. HanmiGlobal plans to provide professional technology and services to global customers by utilizing English manpower and expertise in related sectors.Walker Sime, located in Manchester, in the northeast of England, was established in 1999 and has been providing professional services in construction project management and architectural design. The English company also carries out a number of projects in the energy sector as well as architecture and recently expanded its scope from the private sector to the public sector. In 2019, HanmiGlobal acquired K2, another construction project management firm, and founded the global cost management company, Turner & Townsend Korea in collaboration with its headquarters. The Korean company plans to expand its busin

Jul 13, 2022By Kim Jae-heun
HanmiGlobal acquires UK's Walker Sime
Companies

SPC chairman at 'Choose France' event

SPC Group Chairman Hur Young-inBy Kim Jae-heunSPC Group Chairman Hur Young-in attended the “Choose France” event held by the French government in Paris, Monday (local time), the company said, Tuesday. The French government has been hosting the annual event since 2018 to attract more investments from global companies.French President Emmanuel Macron and French Prime Minister Elisabeth Borne attended the ceremony along with other government officials to welcome guests from some 250 global companies such as Coca-Cola, Disney and FedEx. It is the second time that the French government invited SPC Group to Choose France after the first in 2018. The food firm is the first Korean company to join the event twice. There, Hur discussed ways to invest in the food business in the European country. SPC Group is currently working on establishing a production facility in France and plans to expand its Paris Baguette bakery business there. The Korean firm also acquired French sandwich and salad restaurant chain, Lina's, in June of this year. “France is an important market for the c

Jul 12, 2022By Kim Jae-heun
SPC chairman at 'Choose France' event
Companies

GS Retail to enter Malaysian convenience store biz with KK Group

KK Group Chairman Datuk Seri Dr. KK Chai, left, poses with GS Retail's Convenience Store Division head Jung Jae-hyung after signing a MOU at KK Group's headquarters in Kuala Lumpur on July 9. Courtesy of GS RetailBy Kim Jae-heunGS Retail signed a memorandum of understanding (MOU) with Malaysia's KK Group to open its first GS25 convenience store in the Southeast Asian country next year, the Korean retail firm said Monday. The two parties agreed on the master franchise contract and promised to open 500 stores over the next five years.Malaysia is the third-largest ASEAN country with a per capita GDP of $11,400 (14.8 million won). The country is home to a population of 33 million and its convenience store industry has been growing by 10 percent annually. Malaysia's fertility rate is about twice as high as Korea's, and the average age of the country's population is 28.5. GS Retail sees big potential in the market there, as young people are the main customers in the convenience store business.The retail firm will target local consumers based on localized products that it has prepared befor

Jul 12, 2022By Kim Jae-heun
GS Retail to enter Malaysian convenience store biz with KK Group
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