Korea’s Oct retail sales up 4.1% on year on brisk online shopping

2019.11.28 14:56:15

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Retail sales in South Korea increased 4.1 percent in October from the same month a year ago, benefiting from the surge in online shopping, the government data showed.

According to the Ministry of Trade, Industry and Energy on Thursday, 26 major Korean retailers saw their sales rise 4.1 percent on year last month, with online sales maintaining double-digit growth of 12.5 percent.

Sales of offline retail businesses, on the other hand, fell 1.1 percent due to the sluggish demand for winter products amid warmer-than-average climate.

Convenience stores were the only ones among brick-and-mortar businesses that witnessed sales increase 5.4 percent from a year earlier, thanks to the robust demand for cigarettes and functional beverages. Revenue of big box stores declined 4.8 percent, department stores 3 percent and super supermarkets (SSMs) and grocery chains owned by retail conglomerates 1.3 percent, due to the low sales of winter clothes and heating products.

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Online shopping platforms maintained their double-digit growth in sales for three months in a row. Online brokerage businesses including eBay Korea, 11st Street, Interpark and Coupang saw a 14.9 percent surge in revenue as the enhanced delivery service such as same-day delivery boosted food sales. Revenue of online shopping malls such as Emart, Shinsegae, WeMakePrice and Lotte.com rose 6.7 percent thanks to the strong demand for short trip package products as there were two national holidays in October.

By Pulse

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