South Korea's Retail Sales Retreat


Seoul, Sep 17 (IANS): Sales at South Korea's major discount outlets and department stores retreated last month, a government report showed Monday.

Total sales at the country's three leading discount chains, including E-Mart, Lotte Mart and Homeplus, declined 3.3 percent in August from a year earlier, according to the Ministry of Knowledge Economy.

The August figure kept its downward trend for five straight months due to weak consumer demand stemming from the overall economic slowdown, reported Xinhua.

The delayed Chuseok holiday contributed to the August reduction. South Korea's Thanksgiving Day fell Sep 30 this year, later than Sep 12 last year, decreasing purchase of foodstuffs.

Mandatory closure of stores caused less business days, contributing to discount outlets' less revenue, the ministry said.

Grocery sales, which account for more than half of sales of the key discount chains, reduced 3.7 percent on-year in August, and demand for clothing and daily household goods dropped 4.9 percent and 5.2 percent respectively.

Sales of miscellaneous products and sport-related items fell 1.6 percent and 0.2 percent each on-year in August, but sales of consumer electronics rose 0.2 percent last month.

  

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Title: South Korea's Retail Sales Retreat



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