Heat Wave Boosts Retail Sales

A prolonged heat wave in South Korea is boosting sales of local retailers, cafes, hotels and theaters as people flock to those air-conditioned places to get relief, industry sources said Tuesday.

The entire country has been hit by the scorching weather for the past two weeks, with daytime highs soaring above 35 degrees in Seoul and most other regions and the mercury staying above 25 C even at night.

According to Lotte Department Store, its same-store sales climbed 4.1 percent between July 25 and Sunday from the corresponding period a year earlier.

Sales of consumer electronics products rose by the highest rate of 24.5 percent, with those at food courts expanding 14.1 percent.

“Sales of air conditioners and electric fans recorded a strong on-year increase, leading the overall gain in shipments of home appliances,” a Lotte Department Store official said.

Discount giant E-Mart estimated its July sales have gone up 8 percent from the same month a year ago. In the first seven days of this month, sales of air conditioners soared 53 percent on-year with peaches and other fruits also chalking up brisk sales.

The heat wave also comes as a boon to Seoul’s luxury hotels with swimming pools as an increasing number of people spend their summer vacations there instead of going to the beach or other places.

Lotte Hotel Seoul, one of the country’s best luxury hotels, said sales of its “summer package” doubled between July 25 and Sunday from the same period a year earlier. The Plaza Hotel Seoul also posted a 40 percent surge in sales of its summer package.

In addition, coffee shops and cinemas have enjoyed booming trade for the past several weeks as more people visited them to seek relief from the searing heat, according to the sources. “More people are expected to flock to air-conditioned places to cool off as the heat wave is forecast to last for some time,” an industry official said.

The Korea Meteorological Administration forecast the heat wave gripping the country is likely to continue till mid-August with daytime highs hovering around 35 C.