Samsung SDI Secures Major LFP Battery Supply Deal in the U.S. 
China Adds Domestic AI Chips to Government Procurement List as U.S. Considers Easing Nvidia Export Curbs 
SpaceX Insider Share Sale Values Company Near $800 Billion Amid IPO Speculation 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
United Airlines Flight to Tokyo Returns to Dulles After Engine Failure During Takeoff 
SoftBank Shares Slide as Oracle’s AI Spending Plans Fuel Market Jitters 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
US Signals Openness to New Trade Deal as Brazil Shows Willingness, Says USTR Greer 
Fed’s Dovish Tone Sends Dollar Lower as Markets Price In More Rate Cuts 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
GameStop Misses Q3 Revenue Estimates as Digital Shift Pressures Growth 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Moore Threads Stock Slides After Risk Warning Despite 600% Surge Since IPO 
Trump’s Approval of AI Chip Sales to China Triggers Bipartisan National Security Concerns 
Rio Tinto Signs Interim Agreement With Yinhawangka Aboriginal Group Over Pilbara Mining Operations 
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.
