S. Korea’s retail sales edge up 0.1 pct in Feb.
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Sales of major South Korean retailers rose slightly last month as a sharp gain in online sales was offset by a drop in those of discount chains and department stores, government data showed Thursday.
The combined sales of department stores, large outlets and online malls edged up 0.1 percent in February from a year earlier, backtracking from a 9.3 percent rise in the previous month, according to the data by the Ministry of Trade, Industry and Energy.
Thirteen Internet shopping malls and e-commerce sites including eBay Korea Co. saw their February sales soar 16.3 percent from a year ago, while sales of 13 offline stores such as Lotte Department Store and E-Mart fell 6.6 percent on-year.
The ministry said the decline in offline malls came as the number of business days dropped to 26 days in February this year from last year’s 27 a year earlier and the Lunar New Year’s holiday, one of the biggest shopping seasons in the country, fell on January.
Sales by convenience stores continued on an upbeat mode to grow 9.3 percent on-year last month amid a growing single life trend in South Korea.
Questions & Answers
Q.What was the overall change in retail sales for South Korea in February?
What was the overall change in retail sales for South Korea in February?
Combined sales from department stores, large outlets, and online malls increased by 0.1 percent in February compared to the previous year. This figure is significantly lower than the 9.3 percent rise observed in the preceding month.
Q.Which retail sectors saw growth and decline, and by how much?
Which retail sectors saw growth and decline, and by how much?
Online shopping malls and e-commerce sites experienced a 16.3 percent increase in sales, while offline stores, including department stores, saw a 6.6 percent decline. Convenience stores also showed strong growth, rising by 9.3 percent.
Q.What reasons were given for the fall in sales at offline stores?
What reasons were given for the fall in sales at offline stores?
The decline in offline mall sales was attributed to fewer business days in February this year, with 26 days compared to 27 last year. Also, the Lunar New Year holiday, a major shopping period, occurred in January.
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