retailers agree to cut sales commission for small vendors
Last Updated : GMT 04:23:17
Arab Today, arab today
Arab Today, arab today

Retailers agree to cut sales commission for small vendors

Arab Today, arab today

Arab Today, arab today Retailers agree to cut sales commission for small vendors

Seoul - Yonhap

Department stores and other retail giants said Tuesday that they agreed to cut sales commissions imposed on small vendors in line with the government\'s request for cooperation in achieving \"shared growth.\" The agreement to lower sales commissions by up to 7 percentage points came at a meeting between Fair Trade Commission (FTC) Chairman Kim Dong-soo and the heads of 11 retail giants including department stores and TV home shopping companies in central Seoul. Vendors pay a contracted percentage of their sales revenue to department stores in the name of commission in return for space in stores and promotion activities aimed at helping sell their products. \"The CEOs agreed to lower sales commissions by 3-7 percentage points for small and mid-sized vendors starting in October,\" the FTC said. It added that the ratio adjustment and other details will be determined by individual companies. The retailers who joined the meeting included three leading department store chains -- Lotte, Shinsegae, and Hyundai -- along with other major discount chains and TV home shopping companies. The move came a few days after the FTC asked for local retailers to cut commissions in line with the government\'s push for shared growth between large companies and smaller enterprises more vulnerable to economic downturns. Vendors have been claiming that large retailers take too much from in-store sales in commissions, putting a drain on their profits and eventually hurting their businesses. Large retailers have been under fire for using their market dominance to raise their profits by forcing price cuts and hikes in sales commissions from smaller vendors. Commissions have been on the rise over the past decades. The nation\'s three major department store chains imposed an average commission of 29.3 percent of sales last year, up from 25.3 percent in 1991, according to the FTC.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

retailers agree to cut sales commission for small vendors retailers agree to cut sales commission for small vendors

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

retailers agree to cut sales commission for small vendors retailers agree to cut sales commission for small vendors

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday