South Korean retailers saw a 5 percent increase in their combined revenue in June on brisk online sales in summer, government data showed.
According to the data released by the Ministry of Trade, Industry and Energy on Tuesday, combined sales of Korean retailers – 13 offline stores and 13 online sellers – totaled 10.5 trillion won ($8.9 billion) in June, up 5.0 percent from a year ago. Sales of brick-and-mortar stores added 0.7 percent, while online sales soared 11.7 percent during the period.
Of the total sales, online distributors took up the largest 29.4 percent, while convenient stores 18.8 percent, large discount stores 18.6 percent, department stores 17.2 percent, online sales 11.6 percent and so-called super supermarkets (SSMs), small supermarket chains operated by retail conglomerates, 4.4 percent.
In the offline front, department stores saw a 4.1 percent rise in revenue thanks to robust sales of foreign brands with the release of new products and the opening of pop-up stores. Convenient stores also gained 3 percent on an increase in cigarette demand. Big discount stores resulted in a revenue decrease of 3.9 percent with sales of sports products down 11 percent, electronics 7.3 percent, and foods 0.8 percent. SSM sales were down 1.0 percent from the previous year, driven by non-food products.
Revenue of online shopping platforms jumped 12.8 percent on increased delivery services – sales of foods up 35.5 percent and living goods and furniture up 15.9 percent. Online sales also rose 8.9 percent on year on increased sales of seasonal home and kitchen appliances.
By Lim Sung-hyun and Lee Ha-yeon
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]