Dec 15, 2008
S.Korea department store sales turn higher in Nov
Dec 15, 2008
SEOUL, Dec 16 (Reuters) - Sales at top South Korean department stores turned higher in November on more weekends and sales promotion programmes, government data showed on Tuesday.
Monthly sales - compiled from stores run by Lotte Shopping Co Ltd , Shinsegae Co Ltd and Hyundai Department Store Co Ltd -- rose 7.5 percent from a year earlier, after remaining flat in October and falling 0.3 percent in September.
There was one more weekend in November than in the same month in 2007, while the stores extended promotion campaigns to lure more shoppers, the Ministry of Knowledge Economy said in a statement.
Department store sales are closely watched in South Korea for clues about the strength of domestic demand, which generates more than half of the country's gross domestic product.
Sales of high-end apparel, appliance and household goods remained sluggish, with luxury goods continuing a solid growth trend.
Separately, sales at the country's three major discount store chains rose 2.3 percent in November from a year earlier, also recovering from a 0.7 percent fall in October. Discount store sales shrank 9.2 percent in September. (Reporting by Rhee So-eui; Editing by Jonathan Hopfner)
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