STORES | Staff Reporter, Korea

South Korea's retail sales grew 8.4% to $10.7b in October

Offline store sales climbed 2.1% as people grabbed discounts from department stores and supermarkets.

The combined sales of South Korea's 26 major retailers grew 8.4% YoY to $10.7b (12.01t) in October, Yonhap reported based on data compiled by the Ministry of Trade, Industry and Energy.

Online platforms led the overall growth, with their revenue rising 17.2% over the same period, as people continued to purchase daily necessities from home amidst a resurgence of COVID-19 cases.

Sales of foodstuffs from online shops surged 42.1%, whilst those of electronics jumped 27.9%. Sales of furniture and other consumer goods expanded 18.6%. However, revenue from tour packages and concert tickets dropped 18.1%.

Meanwhile, sales from offline stores climbed 2.1% as people took advantage of various discount events from department stores and supermarkets. This is led by 4.2% growth in sales from department stores, with those of outdoor equipments rising 10.2% on the back of discount events.

Meanwhile, local convenience stores saw their sales move up 2.9% on brisk sales of tobacco products and alcoholic beverages. Revenue from supermarkets also grew 2.3% on electronics and toys.

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