Korean retail sales recover post MERS
In this article (5)
Korean retail sales are returning to normal as the impact of the MERS outbreak fades.
Data released by South Korea’s finance ministry shows combined sales at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co rose 0.9 per cent in July, year on year.
That contrasts with a drop of 11.9 per cent in June, as shoppers stayed home to avoid possible exposure to the Middle East Respiratory Syndrome (MERS) virus.
South Korea’s government has officially declared the MERS outbreak over.
Sales at major discount store chains also improved, but still recorded a year on year decline. In July they fell 1.9 per cent which compares favourably with a fall of 10.2 per cent in June.
In its statement, the ministry said while consumption was showing signs of a recovery, there was “insufficient” improvement in the service industry.
Questions & Answers
Q.Which specific types of retail stores saw an increase in sales during July?
Which specific types of retail stores saw an increase in sales during July?
Combined sales at department stores, including those run by Hyundai Department Store, Lotte Shopping, and Shinsegae Co, rose by 0.9 per cent in July year on year.
Q.How did the sales performance of major discount store chains compare to department stores in July?
How did the sales performance of major discount store chains compare to department stores in July?
Sales at major discount store chains improved in July but still recorded a year on year decline of 1.9 per cent, unlike department stores which saw an increase.
Q.What is the finance ministry's assessment of the wider economic recovery, beyond retail sales?
What is the finance ministry's assessment of the wider economic recovery, beyond retail sales?
The ministry stated that while consumption showed recovery signs, the improvement in the service industry was considered insufficient, indicating a patchy rebound.
Q.What was the immediate impact of the MERS outbreak on retail sales in June?
What was the immediate impact of the MERS outbreak on retail sales in June?
In June, retail sales at department stores dropped by 11.9 per cent year on year, and major discount stores fell by 10.2 per cent, as shoppers avoided going out.