South Korean department store sales rebound from August

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Retail sales in South Korea rose at the fastest pace in 11 months thanks to strong online sales, trade ministry data showed on Sunday.

The data shows that revenue among major retailers increased 8.4 percent in September from a year earlier, and online sales surged 22.8 percent, leading the overall recovery in private consumption. Offline sales rose 2.6 percent last month.

September’s rise was the fastest since a 6.0 percent jump in October 2016.

Combined sales last month at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co. climbed 4.9 percent in September from a year earlier, reversing a 0.8 percent decline in August.

Retail sales in South Korea rose at the fastest pace in 11 months thanks to strong online sales. /VCG Photo

In the offline sector, sales by department stores increased 4.9 percent, with those by convenience stores gaining 12.1 percent. Sales by major discount outlets dropped 4.9 percent last month.

Convenience store sales kept a double-digit expansion on robust demand for food and beverage, including imported beer and convenience food. The number of these stores jumped 14.7 percent nationwide last month.

Discount outlet sales retreated on weak demand for miscellaneous items and housewares.

Retail sales tend to rise as consumers ramp up purchases of gifts and food before the annual Chuseok holiday. A breakdown showed sales of nearly all product categories at department stores increased in September, across food and apparel.

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