South Korea, the world's largest duty-free market, will grant four more duty-free store licences in downtown Seoul, banking on strong Chinese tourist demand to overcome concern of oversupply among some operators.
Italian cosmetics maker Intercos said on Wednesday it had set up a joint-venture with Seoul-listed retailer Shinsegae International to jointly develop make-up and skin-care products targeting Asian markets.
The Italian brand created by designer Alessandro Dell’Acqua strengthened its presence in Seoul with the opening of a third shop-in-shop. The retail outlet was set up inside the Hyundai Pangyo department store.
Sales at top South Korean department stores in June fell more than reported earlier to mark the worst drop on record as an outbreak of Middle East Respiratory Syndrome (MERS) prompted consumers to cut spending.
Any buyer of Tesco's $6 billion South Korea unit will need a strategy to boost returns in a lethargic and saturated market for traditional retailers, likely involving real estate sales and a greater focus on Internet ...