New EMART Store Targets Young Consumers and Small Families

https://www.hankyung.com/economy/article/2020071530971

Summary: EMART, the leading hypermarket store in South Korea, opened its first new store since 2018 in Sinchon district Seoul on July 16.  EMART Sinchon, located in a busy commercial-residential area, targets small families and young consumers.  EMART said that consumers in their 20-30's account for 40 percent of the population in that area.  EMART Sinchon store offers more fresh agricultural products, portioned-packed prepared ingredients, HMR take-out meals, and alcoholic beverages compared to regular EMART stores.

 

Unemployment Rate for Young Koreans Hits Record High in June

https://www.hankyung.com/economy/article/2020071529491

Summary: According to monthly labor market statistics released by the Korea National Statistics Office (NSO) on July 15, the unemployment rate for people aged 15-29 went up to a record 10.7 percent in June.  NSO said that the slowing of the Korean economy due to COVID-19 is taking a bigger toll on the young population.  On the other hand, the unemployment rate for the overall population was 4.3 percent, down 0.2 percent point from the previous month due to a significant increase in employment among people 60 years old or older.  NSO explained that part-time jobs in public services created by the government COVID-19 relief program were mostly filled by older workers.

 

Hanwoo Beef Price Declines as Consumers Run out of Government COVID-19 Relief Funds

https://www.donga.com/news/Economy/article/all/20200714/101952393/1

Summary: The retail price of Hanwoo beef fell below 100,000 won ($83 USD) per kilogram on July 13.  The price stayed over 100,000 won over the last three weeks (peaking at 102,517 won on July 1) when the government COVID-19 relief funds were provided to Korean families.  The retail price of local pork belly cut meat also went down to 22,529 won ($19 USD) per kilogram on July 10.  The price had peaked at 24,000 in mid-June.

 

GS25 Offers Ice Cream and Frozen Dessert for 1 Hour Home Delivery

https://www.hankyung.com/economy/article/202007145333Y

Summary: GS25, a leading convenience store chain in South Korea, announced that it started to offer ice cream and frozen dessert products for on-line home delivery orders.  The orders will be delivered within one hour.

 

Hypermarket Stores Expand Distilled Spirits Offers as Consumers Lose Access to Duty-Free Shops

https://www.donga.com/news/article/all/20200712/101933920/1

Summary: Korean consumers used to purchase a large amount of distilled spirits in duty-free shops during international trips.  Since COVID-19, consumers have increased purchases of distilled spirits in hypermarket stores as they lost access to duty-free shops.  EMART reported that its distilled spirits sales increased by 29 percent during April through June this year.  Lotte Mart also reported 28 percent sales growth during March through June.  Both EMART and Lotte Mart have increased distilled spirits offers in their stores to capitalize on the opportunity.

 

EMART24 - Smoothie King Joint Stores Exceed 100

https://www.donga.com/news/article/all/20200712/101934010/1

Summary: EMART24, a leading convenience store chain in South Korea, reported that the number of its stores that offers Smoothie King beverages reached 105 as of July 10.  EMART25 aims to increase the number of EMART24-Smoothie King joint store to 300 by the end of this year. 

 

Lotte Eats Smart Phone App Reaches 200,000 Orders a Month

https://www.hankyung.com/economy/article/2020070922681

Summary: Lotte Eats, a smart phone home delivery app launched by Lotte in February this year, reported that the number of orders increased sharply to 200,000 in June.  Lotte Eats allows consumers to place home delivery orders from all restaurants under Lotte, including Lotteria burger shops, Crispy Kreme doughnut shops, TGI Friday restaurants, and Angel in Us cafés.