Asian Currencies Edge Higher as Soft US Inflation Weighs on Dollar 
Nvidia Eyes $3 Billion Investment in SoftBank-Backed AI Data Center 
Apple Develops China-Specific AI Model With Alibaba as Apple Intelligence Launch Nears 
Canada-US Trade Talks Gain Momentum Ahead of Aug. 19 Tariff Deadline 
Stripe, Advent Reportedly Pursue $53 Billion PayPal Takeover 
Trump Imposes New US Tariffs on Drone Imports Over National Security Concerns 
Synlait Milk Denies Fonterra, a2 Milk Takeover Talks 
LG, Nvidia Expand AI Partnership With Humanoid Robots, AI Factories 
Morgan Stanley Sees Fed Holding Rates as U.S. Inflation Cools 
Alibaba Sells Lingxi Games for Over $1.5 Billion Amid AI Push 
BSP Sees Philippine Inflation Easing, Keeps Policy Options Open 
SMIC Shares Rally as Q2 Profit Surges 262% on Strong Chip Demand 
China Automakers Accelerate Global Expansion as Domestic Car Sales Slump 
Ferrari Luce EV Sells for Record $40 Million at Charity Auction 
Oil Prices Steady as Strait of Hormuz Traffic Slows Amid US-Iran Conflict 
European Stocks Steady as U.S.-Iran War, Euro Zone Data Keep Investors Cautious 
Sun Pharma Wins U.S. Appeal in Pfizer Lipitor Antitrust Case 
Add as a preferred source on Google
GS Retail Co. owns Lalavla health and beauty stores in South Korea. The supermarket chain company announced on Thursday, Aug. 11, that it would be closing all of its Lalavla outlets after 17 years since entering the health and beauty retailing business.
GS Retail revealed that the closures would start soon, and all of the branches are expected to be shut by the end of November. The company cited the slow down of sales due to the COVID-19 pandemic and stiff market competition as the reasons for the decision.
As per Yonhap News Agency, the company will cease the operation of its Lalavla online shop first, and this will take place in September. Subsequently, GS Retail will close its brick-and-mortar shops, and all of the locations should be shut before December.
Regarding the pull-out of Lalavla stores from the market, an official of the company said in a statement, "GS Retail decided to end our health and beauty store business to focus resources and efforts on our convenience stores and quick commerce services, the company's future growth engines."
It was mentioned that GS Retail first jumped into the health and beauty store business in 2005. It launched its first Watsons store in Hongdae, Seoul, through a joint venture deal with A.S. Watson Group of Hong Kong.
The company acquired 100% of the Watsons Korea JV in 2017, and a year later, the stores were rebranded to Lalavla. The H&B store was able to expand and opened almost 200 stores, but over the years, due to the falling sales, the number of locations has also sharply declined to just 30 this year.
GS Retail’s main rival is CJ Olive Young, the H&B store line of the CJ Group. Apparently, GS Retail could not keep up with the fierce competition. Thus, CJ Olive Young remained the No. 1 player in the market.
Meanwhile, Korea Joongang Daily reported that GS Retail’s Lalavla online shopping mall would stop taking orders on Sept. 2. The company will also be taking inquiries regarding refunds or product exchanges until Sept. 30 only.
