GS Retail exits the wonder market, closing all Lalavla shops

GS Retail Co. stated Thursday that it’ll shut all its shops in lalavla, 17 years after coming into the well being and wonder (H&B) market, because of hunch in gross sales amid the coronavirus pandemic and fierce competitors. .

GS Retail will cease working its lalavla on-line shops in September and can shut all offline shops of the model by the top of November, the corporate stated.

“GS Retail has determined to finish our well being and wonder store enterprise to focus sources and efforts on our comfort shops and quick commerce companies, the drivers of the corporate’s future development,” stated an organization official.

GS Retail, which additionally operates GS25 comfort shops, first entered the H&B retail enterprise in 2005, opening the primary Watsons retailer within the vibrant school district of Hongdae, north of Seoul, in a three way partnership with AS Watson Group of Hong Kong.

In 2017, GS Retail totally acquired the three way partnership, Watsons Korea, and renamed it lalavla a yr later.

After the variety of shops in lalavla as soon as jumped to just about 200, it dropped dramatically to round 30 this yr because of powerful market circumstances after the pandemic and stiff competitors with the trade’s # 1 participant, CJ Olive Younger .

With GS Retail out of enterprise, CJ Olive Younger is prone to solidify its place as a market chief as different smaller gamers have additionally downsized their enterprise within the trade.

Shinsegae beforehand closed all of its Boots shops and Lotte downsized LOHB’s enterprise to chop spending.

Leave a Comment

A note to our visitors

This website has updated its privacy policy in compliance with changes to European Union data protection law, for all members globally. We’ve also updated our Privacy Policy to give you more information about your rights and responsibilities with respect to your privacy and personal information. Please read this to review the updates about which cookies we use and what information we collect on our site. By continuing to use this site, you are agreeing to our updated privacy policy.