- November retail sales post growth of 9.6% 2021-12-30
The Ministry of Trade, Industry and Energy announced on December 30 that Korea’s overall retail sales in November went up 9.6 percent compared to the same period last year.
Both physical and online retailers experienced growth, up 4.6 percent and 14.8 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 rose 4.6 percent in November on the back of strong sales at department and convenient store chains.
Those at department store chains climbed up 18.3 percent due to the annual Korea Sale Festa and an increased number of visitors. Most items went up in sales including kids/sports (up 25.7 percent), women’s suits (up 15.0 percent), men’s clothing (up 14.9 percent), and global brands (up 32.9 percent).
Convenience store chains saw a 6.7 percent rise in sales. The number of stores continued to increase (from 39,904 to 42,192), and most product items experienced expansion.
Meanwhile, sales at hypermarket chains fell 10.3 percent. The number of stores declined (from 394 to 384) and consumers spent more at online platforms. Food products (down 8.3 percent), home appliances/culture (down 17.8 percent), miscellaneous goods (down 17.2 percent), and household goods (down 14.8 percent) saw noticeable decreases.
Those at SSMs also lost 6.3 percent in sales. This is partly attributable to a fall in offline food sales.
Sales at online stores advanced 14.8 percent and all product types saw growth.
Food products (up 19.9 percent), services/others (up 36.4 percent), and home appliances (up 14.6 percent) saw significant increases due to the continued upward trend in online shopping.