Sales performance of large Korean department stores and supermarkets improved

According to South Korea’s “Asia Economy” report, South Korea’s Ministry of Knowledge Economy stated that sales of South Korea’s large department stores and supermarkets increased by 7.5% and 2.3% respectively year-on-year in November. After three months of sluggishness, business conditions began to improve. According to product classification in large department stores, sales of women’s formal wear decreased by 2.6%, while sales of world-famous children’s wear increased by 10.5%. In particular, the sales growth of world famous brands has been the most obvious. In the past seven months, the growth rate in September was only 24.7%. In other months, it exceeded 30%. The growth rate in May reached 39.1%. According to product classification, clothing sales in large supermarkets decreased by 10.2%. Industry analysts believe that the early start of year-end discounts by merchants and the depreciation of the Korean won attracting foreign tourists to shop in South Korea are the main reasons for the sales growth.