The Korea Times

Starbucks, Twosome, Ediya pressed to lower prices amid falling coffee bean prices

A customer pays for his beverage order at a Starbucks Korea store in Seoul, Feb. 22. Korea Times fileBy Kim Jae-heunStarbucks, Twosome Place and other coffee chains are facing growing pressure from consumers to cut their beverage prices as the falling costs of imported coffee beans make it less expensive to produce a cup of joe, according to industry officials, Friday.According to the Intercontinental Exchange Futures in New York, the future price of Arabica bean fell from $2.40 (3,144 won) at the end of 2021 to $1.60 as of July 31. Arabica beans account for 60 percent to 70 percent of global coffee consumption. Pointing this out, consumers called for lowering the prices of coffee drinks at major franchise stores such as Starbucks Korea, A Twosome Place and Ediya Coffee, which all raised their prices last year by between 100 won (8 cents) and 700 won. “I read on the news that the price of coffee beans has fallen recently. Why aren't coffee franchise brands not lowering their beverage prices? They were fast in raising prices when international coffee bean prices rose,” sai

Aug 5, 2023By Kim Jae-heun

Starbucks, Twosome, Ediya pressed to lower prices amid falling coffee bean prices

Companies

Major K-pop agencies investigated for unfairness of excessive tie-in merch

A photo book version of K-pop band NCT's third album “ISTJ,” which is on sale at SM Town & Store / Screenshot from SM Town & StoreBy Kim Jae-heunThe nation's antitrust agency has launched investigations into the alleged unfair trade practices of local entertainment companies as consumers complain about gimmick tie-in sales of K-pop groups' new albums and photo cards, according to industry officials, Friday.HYBE, SM, YG, JYP and other agencies are known to sell new K-pop albums with random photo cards of the band members. This means that fans often have to buy more than one album to get the card they want.SM Entertainment introduced a total of 50 collectible photo cards of K-pop boy band NCT recently. These cards contain photos of the individual band members, sometimes genuinely autographed. The prices of these rare photo cards can soar on online resale platforms. “Usually, one album costs about 15,000 won ($11.46) to a maximum of 30,000 won. I've spent more than 100,000 won to get the card I want before,” a 28-year-old K-pop fan surnamed Kim said. &ldq

Aug 4, 2023By Kim Jae-heun

Major K-pop agencies investigated for unfairness of excessive tie-in merch

Companies

Small business owners concerned about soaring electricity bills amid heat wave

An employee serves food at a restaurant in Seoul, June 16. Korea Times fileBy Kim Jae-heunA 41-year-old French restaurant owner surnamed Lee is afraid to see his upcoming electricity bill for July because he has had air conditioners running all day long over the past few weeks.“Last month, we kept the air conditioners on during the heavy downpours to keep the store dry. Now we are dealing with the unprecedented heatwave. I am really concerned about the electricity bill that will arrive later this month,” said Lee, who runs the restaurant in Yongin, Gyeonggi Province.“Usually, we pay almost double the amount during the extreme summer or winter than during spring or fall. The high power rate comes from mostly running air conditioners full time. There is nothing much we can do but pay the bill,” he said.A 33-year-old salad restaurant owner surnamed Kim also said extreme weather conditions always create additional financial burdens on small businesses, be it gas or electricity charges. “Last month, I paid about 700,000 won ($538.67) for electricity,” s

Aug 4, 2023By Kim Jae-heun

Small business owners concerned about soaring electricity bills amid heat wave

Companies

Paris Baguette ranks 37th in Entrepreneur magazine's Top Global Franchises

Screenshots of U.S. broadcasts featuring the Paris Baguette brand / Courtesy of SPCBy Kim Jae-heunSPC Group's bakery brand Paris Baguette ranked 37th on American business magazine Entrepreneur's list of 2023 Top Global Franchises, the company said Thursday. Entrepreneur, one of the leading business magazines in the United States along with Forbes and Fortune, recently selected and published the top 200 global brands from any sector that operates businesses both in and outside of the country. The ranking was based on several standards, such as the size growth and strength of a franchise brand, and its financial safety for companies that operate more than five branches outside the United States regardless of business sector. Paris Baguette was ranked the highest in the bakery cafe field and was the only Korean brand included in the top 200. “We are happy that Paris Baguette is highly regarded in the U.S. market, the home of the franchise business and the arena of competition for global brands,” an SPC official said. “We will work harder to achieve our goal of expandin

Aug 3, 2023By Kim Jae-heun

Paris Baguette ranks 37th in Entrepreneur magazine's Top Global Franchises

Companies

Consumers flock to indoor shopping malls to avoid heat

An employee holds a sign announcing that a pop-up store can take no more visitors at The Hyundai Seoul in Yeouido, Seoul, Sunday. Courtesy of Hyundai Department StoreBy Kim Jae-heunA 33-year-old housewife named Lee Eun-ji has been making frequent visits to a department store nearby her home in Incheon with two children, not to shop, but to avoid scorching heat.“I think this summer is the hottest one that I've ever experienced,” she said. “I am afraid my children will suffer from heatstroke, so I only go to indoor places with air conditioning these days.”A 35-year-old businessman surnamed Yoon has also been spending most of his weekends at I'PARK Mall at central Seoul's Yongsan Station to save electricity at home and avoid the heat.“The shopping center has everything from restaurants and coffee shops to a movie theater. Especially during summer, when people can get drained from walking long hours under the sun, there is no place better than a shopping center that keeps the air conditioning on 24/7. People are rushing to department stores, multi-shopping c

Aug 3, 2023By Kim Jae-heun

Consumers flock to indoor shopping malls to avoid heat

Companies

Recent hotel buffet price hikes irk customers

Lotte Hotel Seoul's buffet restaurant chain Le Seine / Courtesy of Lotte HotelBy Kim Jae-heunA 33-year-old office worker surnamed Park enjoys dining at hotels with his family from time to time. But he will have to limit his number of visits as hotels have recently been raising the price significantly.“A hotel buffet restaurant was a perfect place to celebrate special occasions like my wedding anniversary and the birthdays of family members,” Park said. “But they have increased the price too high that I can't go there as often as before. If the price increase was near 10,000 won ($7.72), I wouldn't complain that much but, the price has been hiked by nearly 20,000 won at most of the hotels. That is 40,000 won for two people.”While food companies and restaurants here are attempting to cut the prices of menu items to fight consumer inflation, luxury hotels have stealthily raised buffet course prices. Lotte Hotels & Resorts is at the forefront of this pattern. Its newly-renovated branch's buffet restaurant chain La Seine in southern Seoul recently raised buffet

Aug 2, 2023By Kim Jae-heun

Recent hotel buffet price hikes irk customers

Companies

Kakao, SM launch joint venture in US

SM Entertainment's headquarters in Seoul / Korea Times fileBy Kim Jae-heunKakao launched a joint venture with SM Entertainment in the United States to create business synergy in the growing global entertainment market, the two companies said Tuesday.The joint venture combines Kakao Entertainment's music distribution network and multi-label system with SM Entertainment's strengths in global intellectual property and music production capabilities. The two companies also plan to secure a solid base for business cooperation and experience in North America, which is the center of the global entertainment business, before expanding to the European market. “The establishment of the joint venture in the United States will accelerate Kakao Entertainment's global business growth and expansion of SM Entertainment's musicians. Based on this, we will prove to the world the growth potential of our music businesses, which encompasses the whole process of planning, production and distribution of music and artists' IP,” said Joseph Chang, CEO of Kakao Entertainment America, who will also

Aug 1, 2023By Kim Jae-heun

Companies

Companies rush to introduce spicier instant noodles

A consumer shops for instant noodle products at a grocery store in Seoul, June 28. NewsisBy Kim Jae-heunLocal instant noodle makers are competing to introduce spicier products to attract young consumers who want to show off their tolerance for spiciness, according to company officials, Tuesday.Nongshim, the country's largest instant noodle firm, is continuing to expand its lineup of spicy products. The company will introduce a limited amount of Shin Ramyun The Red on Aug. 14. It has a pungency of 7,500 Scoville heat units (SHU), which is more than two times higher than the original Shin Ramyun's 3,400 SHU. Nongshim's hottest instant noodle currently available in the market is Angry Neoguri with 6,080 SHU. “We have seen more consumers showing interest in not only spicy instant noodles but also spicy food in general. We are targeting that niche market to meet consumer demand, both within and outside of the country,” a Nongshim official said. Nongshim's new Shin Ramyun The Red / Courtesy of NongshimEarlier in January, Nongshim launched Shin Ramyun Zepeto Cup Noodle, which is

Aug 1, 2023By Kim Jae-heun

Companies

HD Hyundai Oilbank employees expand ESG campaigns

HD Hyundai Oilbank employees put discarded plastic bottle caps in a box as part of the company's upcycling campaign at the headquarters in Seoul, Friday. / Courtesy of HD Hyundai OilbankBy Kim Jae-heunHD Hyundai Oilbank recently carried out a plastic upcycling campaign with its executives and staff members as part of the company's environmental, social and corporate governance (ESG) activities, the refiner said Monday.The name of the campaign, “Ddu Kkeong Moa Moa” means collecting plastic bottle caps in Korean. The aim is to collect discarded plastic bottle caps and donate them to upcycling companies to make new products. Employees who donated more than a certain number of caps were given gifts, such as toothpaste squeezers made through recycling. Some were given the opportunity to participate in upcycling activities.“It was a valuable experience to give new life to a resource that was abandoned,” said a HD Hyundai Oilbank employee who participated in the campaign. The refiner also ran the “ESG 7” challenge for the month of April. Executives and st

Jul 31, 2023By Kim Jae-heun

HD Hyundai Oilbank employees expand ESG campaigns

Companies

Homeplus offers up to 50% discounts on daily supplies, food items

Actor Yeo Jin-goo appears in Homeplus' Summer Super Sale Homeple Run promotional poster / Courtesy of HomeplusBy Kim Jae-heunHomeplus has begun the Summer Super Sale Homeple Run to offer up to 50 percent discounts on food items and daily necessities until Aug. 16, at the threshold of the summer holiday season, the company said Monday. It is an extension of the previous Homeple Run sale held to commemorate the company's 26th anniversary in March.The event is joined by all the retail channels of Homeplus including its retail stores, supermarkets and online mall to offer their major goods at half the original prices to encourage grocery shopping for the summer vacation. “Expectations for Homeplus' summer sales are growing with our customers showing a fervent response. The sale will help consumers prepare for summer vacation season by easing the burden of pricey groceries affected by prolonged food inflation and the recent rainy season,” a Homeplus official said. Homeplus' retail stores and grocery stores will offer “buy one, get one free” and discounts up to 50 p

Jul 31, 2023By Kim Jae-heun

Kim Jae-heun

Read more

Starbucks, Twosome, Ediya pressed to lower prices amid falling coffee bean prices

Major K-pop agencies investigated for unfairness of excessive tie-in merch

Small business owners concerned about soaring electricity bills amid heat wave

Paris Baguette ranks 37th in Entrepreneur magazine's Top Global Franchises

Consumers flock to indoor shopping malls to avoid heat

Recent hotel buffet price hikes irk customers

Kakao, SM launch joint venture in US

Companies rush to introduce spicier instant noodles

HD Hyundai Oilbank employees expand ESG campaigns

Homeplus offers up to 50% discounts on daily supplies, food items

Top 5 stories