Today's Date:   Thursday January 3, 2013

1. MARKETING ISSUES

“CREATIVE”, Lotte Department Store Announces Key Word for Retail Industry Trends for 2013 [Korean, OSY]

http://news.donga.com/3/all/20130101/51990028/1

Summary: Lotte Department Store announced on January 1 that key word of the retail industry in Korea for year 2013 would be “CREATIVE”.  “CREATIVE” is an acronym of eight leading trends expected to lead the industry in the coming year:

Convenience

Refresh

Economic Recession

Asian wave

Technology

Innovative convergence

Value based

Eco-friendly

Revised ‘Retail Industry Development Act’ Passed National Assembly [Korean, OSY]

http://www.ajunews.com/common/redirect.jsp?newsId=20130101000072

Summary: Korea National Assembly approved revised ‘retail industry development act’ on January 1, 2013.  Under the act, operation hours of large size retail stores will be further restricted.  Stores will not be allowed to open from 12:00 midnight till 10:00 a.m. in the following morning, which is 2 hour longer than existing restriction.  Stores will additionally be closed for minimum two full days each month on weekends or national holidays.

2. OTHER MISCELLANEOUS ISSUES

http://koreajoongangdaily.joinsmsn.com/news/article/article.aspx?aid=2964841

Summary: The nation’s beer market has been dominated by the duopoly of Hite-Jinro and Oriental Brewery for decades. Thirsting for something new, Korean consumers have turned to imported beer. To increase diversity in the Korean beer market, under current laws, it’s difficult for local establishments to brew their own beer because of the tax system and other policies applied to alcohol production.

Bill proposed to mandate labeling of additives on liquor products [Korean: BYK]

http://www.foodnews.co.kr/news/articleView.html?idxno=43223

Summary: Assemblywoman Mee Ae CHO and 10 other Assemblymen proposed a bill on December 31,  2012, making it mandatory to label the name and content of additives contained in the liquor products.  The bill will also provide legislative basis for KFDA to test liquor for safety and hazardous materials.