
To counter anti-foreign sentiments in the Korean domestic market the French discount chain
Carrefour decided to attach 'Hankuk', or Korea, before all its signs bearing the store's name
in front of its shops. An official of the chain said that this is the first time Carrefour has
experienced a name change in its 34 year history. Currently there are 308 shops in 180
countries, but only the four Korean stores bear the added 'Hankuk'.
The store reported to its Hong Kong headquarters that the name change as well as a
campaign to place the Korean national flag in all obvious places including desk counters and
written notices saying 95% of the goods sold in Carrefour are domestic products was
implemented to help speed up slumping sales. Since the installment of the IMF supervisory
system, Koreans think buying foreign goods means hard currency goes out of the country,
and many women's groups have started a movement to discourage people from shopping at
foreign stores.
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