April 25, 2024

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[THE INVESTOR] Sales of South Korea's major department stores rose in September thanks to the Chuseok holidays, government data showed on Oct. 30.

The combined sales of three department stores -- Hyundai, Lotte and Shinsegae -- gained 4.1 percent on-year last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Their sales of female apparel jumped 15.5 percent on-year to lead the rise on increased holiday shoppers for Chuseok, the Korean equivalent to Thanksgiving in the United States, that fell on Sept. 15 with five official days off.

However, major discount stores E-Mart, Lotte Mart and Home Plus saw their sales drop 3.5 percent due to an 11.3-percent drop in sales of sports and leisure items.

Sales at convenience stores jumped 15.9 percent on-year last month, boosted by a dramatic rise in food and beverage sales, mostly beer and ready-to-eat meals, while sales at super supermarkets, mostly run by large retailers, slid 2.7 percent on-year, the data showed.

(theinvestor@heraldcorp.com)