×
By
Reuters
Published
Oct 30, 2016
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

S.Korea Sept dept store sales up for 4th mth on discount events

By
Reuters
Published
Oct 30, 2016

Sales at South Korea's top department stores in September rose for a fourth straight month on discount events, trade ministry data showed on Sunday.

Combined sales at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co rose 4.1 percent on-year, data from the Ministry of Trade, Industry and Energy said, steady from 4.1 percent growth in August.


Shinsengae department in the city centre of Seoul - Shinsengae


By product, formal women's apparel led sales at department stores in September. South Korean department stores usually hold autumn discount events to clear their summer inventory. As a result, women's apparel jumped 15.5 percent in September on-year, the data showed.

Men's clothing fell the most, declining 2.5 percent.

The steady retail sales data reinforced the results of a consumer confidence survey by the Bank of Korea out last week that showed sentiment at a 10-month high.

South Korea's growth relies heavily on private consumption as exports are still weak, although shipments are doing better than last year. Preliminary October trade numbers will be released on Nov. 1.

In addition to department stores, convenience stores saw strong demand for goods in September with sales rising 15.9 percent from a year ago thanks to steady growth in the number of outlets, Sunday's data showed, although it was slightly slower than August's 16.1 percent growth.

The trade ministry data showed sales at discount stores fell 3.5 percent last month on-year, falling for a second straight month and notching the fastest decline since May this year as hotter than average weather ate into produce sales.
 

© Thomson Reuters 2022 All rights reserved.