S. Korea’s retail sales rise 6.5 pct in Nov.
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Sales of major South Korean retailers including department stores and Internet shopping malls rose in November from a year earlier on brisk online purchases, government data showed Thursday.
The combined sales of department stores, large outlets and Internet shops increased 6.5 percent on-year last month, with cumulative sales of the January-November period jumping 10.6 percent, according to the data by the Ministry of Trade, Industry and Energy.
The ministry said the on-year gain is led by online sales which soared 20.2 percent on the back of rising overseas purchases through global sale events including Black Friday in the U.S.
Sales of offline stores, however, edged up 0.3 percent as a 15.3-percent gain at convenience stores was offset by a 2.8-percent drop at department stores and a 6.1-percent fall at large discount chains.
Decreased holidays and shoppers after the nationwide shopping festival Korea Sale Festa that ended in October dragged down sales at department stores, added the ministry.
Questions & Answers
Q.Which retail sectors saw the biggest sales growth in South Korea during November?
Which retail sectors saw the biggest sales growth in South Korea during November?
Internet shops experienced a significant rise in sales, jumping 20.2 percent on-year. This growth was attributed to increased overseas purchases driven by global sale events like Black Friday.
Q.What was the overall performance of offline retail stores in South Korea during November?
What was the overall performance of offline retail stores in South Korea during November?
Offline store sales collectively saw a modest 0.3 percent increase. This was due to strong performance from convenience stores being largely balanced out by declines in department stores and large discount chains.
Q.What factors contributed to the decline in department store sales in November?
What factors contributed to the decline in department store sales in November?
Department store sales dropped by 2.8 percent. This decline was linked to fewer holidays and a reduced number of shoppers following the conclusion of the Korea Sale Festa in October.
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