April 27, 2024
Retail & Consumer
Department store market to top W30tr this year
[THE INVESTOR] South Korea’s department store market is expected to reach 30 trillion won (US$25.60 billion) for the first time this year, industry watchers said on Nov. 23.
The landmark figure will likely be reached 86 years after the peninsula’s first department store opened in Seoul in 1930.
The watchers said domestic department stores have managed to emerge from years of stagnation to post growth this year as leading players aggressively expanded stores and online distribution channels.
The combined sales of local department stores are estimated to reach 31 trillion won in 2016, surpassing the landmark figure after reaching sales of over 20 trillion won in 2009, according to retail industry data.
The big three players -- Lotte, Hyundai and Shinsegae -- account for 80 percent of the market share, while Galleria, AK Plaza and other smaller brands hold the remaining share.
(theinvestor@heraldcorp.com)
The landmark figure will likely be reached 86 years after the peninsula’s first department store opened in Seoul in 1930.
The watchers said domestic department stores have managed to emerge from years of stagnation to post growth this year as leading players aggressively expanded stores and online distribution channels.
The combined sales of local department stores are estimated to reach 31 trillion won in 2016, surpassing the landmark figure after reaching sales of over 20 trillion won in 2009, according to retail industry data.
The big three players -- Lotte, Hyundai and Shinsegae -- account for 80 percent of the market share, while Galleria, AK Plaza and other smaller brands hold the remaining share.
(theinvestor@heraldcorp.com)
