Seoul: South Korean retailers experienced a 3.7 percent increase in sales year-on-year in August, despite a noted decline in sales at large-to-mid-sized discount stores, recent data revealed.
According to Yonhap News Agency, major offline retail companies witnessed a 3.1 percent decrease in sales last month, following a 2.7 percent year-on-year increase in July. In contrast, major online platforms saw a 10.5 percent surge in sales over the same period, continuing a robust growth trend that has been ongoing since January. The Ministry of Trade, Industry and Energy indicated that declines in sales from large and medium-sized retail stores, especially in the food category, limited the total sales growth among major South Korean retailers. The ministry also noted that discount stores could not benefit from increased demand in anticipation of the Chuseok holiday.
This year's Chuseok holiday is scheduled from October 5 to 8, which is more than two weeks later compared to last year. Offline, convenience stores saw a 1.1 percent year-on-year rise in sales, attributed to the government's issuance of "consumption coupons" in July aimed at boosting private consumption. Sales at department stores increased by 2.8 percent year-on-year, partly driven by growth in the fashion category, which was influenced by last month's heat waves.
In the online sector, sales of food products, cosmetics, and services saw increases of 16.3 percent, 13.5 percent, and 18.1 percent, respectively.