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Korea’s retail industry sees sales growth of 13.1% in July 2021-08-26

The Ministry of Trade, Industry and Energy announced on August 26 that Korea’s retail industry saw sales growth of 13.1 percent in July.

 

Both offline and online sales posted growth, up 7.0 percent and 20.2 percent, respectively.

 

 

The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four "super supermarket" (SSM) operators. The other half are online retailers.


Sales at brick-and-mortar stores went up as the demand for products related to homemade food and family life increased amid extended social distancing rules.

 

Hypermarket chains experienced a 7.3 percent rise in sales. Sales of seasonal home appliances rose 15.0 percent due to summer heat. Sports (up 11.8 percent) and food products (up 10.9 percent) also moved up.

 

Sales at department store chains increased 7.8 percent. While global brands (up 18.8 percent) and golf-related products in the kid/sports category (up 16.5 percent) continued to attract robust demand, women’s suits (down 9.5 percent) and miscellaneous goods (down 9.2 percent) contracted.

 

Those at convenience store chains grew 7.0 percent. The expansion is attributable to the growth in beverages and processed foods (up 16.2 percent) in the hot weather.

 

SSMs turned to positive growth and recorded a 2.8 percent increase in sales. Despite decreases in daily necessities (down 12.9 percent) and miscellaneous goods (down 2.9 percent), food products (up 4.2 percent) posted growth as more people stayed home due to virus threats.

 

Sales at online stores jumped 20.2 percent thanks to increased uses of food deliveries, e-coupons, and online shopping.

 

Services/others (up 44.9 percent) continued to show strong demand, and home appliances (up 30.6 percent) also recorded noticeable growth due to increased sales of seasonal appliances. Food products (up 30.7 percent), cosmetics (up 14.9 percent), and household goods (up 4.4 percent) also went up.

 

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