STORES | Staff Reporter, Korea

South Korea's retail sales up 8.5% in September

Chuseok holidays boosted growth for the month.

South Korea’s overall retail sales in September rose 8.5% compared to the same period last year, data from the Ministry of Trade, Industry and Energy revealed.

Sales for brick-and mortar stores climbed 1%, as the demand for gift sets moved from August to September due to later than usual Chuseok holidays. Recording the biggest growth was hypermarket chains at 5.3%, with the holidays resulting in food products sales rising by as much as 14.9%.

On the other hand, department store sales dropped 6.2% amidst declining outdoor activities and travels. Leading the declines were women’s casual (37.4%), women’s suits (30.6%), and miscellaneous goods (28.9%).

Sales at convenience stores grew 2.3%, with cigarettes and other products (4.9%) as well as beverages and processed foods (2.4%) leading the expansion. Meanwhile, SSM operators saw a 4.6% sales growth.Food sales rose for agricultural products and fisheries (9.9%), fresh and prepared food (5.5%), and processed food (3.9%).

For web-based retailers, sales jumped 20%, with food products (60.2%), home appliances (26%) and household goods (14.7%) seeing growth amidst stronger demand for daily necessities.

By product, home appliances/culture (22.3%), food (18.5%), household goods (8.6%) and global brands (15.3%) saw a rise in sales, whilst it declined for fashion/accessories (14.9%), kids/sports (1.5%), and services/others (4.1%).

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