April 25, 2024
Retail & Consumer
Korea’s retail sales rise 6% in May
[THE INVESTOR] Sales of key retailers in Korea grew 6.3 percent last month from a year earlier, government data showed on June 29.
The combined revenue of 26 online and offline retailers reached 10.29 trillion won (US$9 billion) in May, compared with 9.68 trillion won the previous year, according to the data from the Ministry of Trade, Industry and Energy.
Of the total, 13 offline-based retailers, including department stores, discount chains and convenience stores, rose 2.5 percent on-year.
The comparable figure for 13 online shopping malls -- e-commerce sites and online product sales channels run by big retailers -- jumped 15.2 percent from a year ago, driving up the overall growth.
Convenience stores saw their sales gain 10.5 percent last month, with hypermarkets posting a 1.6 percent on-year growth, the latest data showed.
Online sellers, which mainly refer to social commerce sites and the online units of large retailers, chalked up a 32.1 percent on-year gains in sales. The sales of open markets, such as those run by eBay Korea, climbed 9.4 percent from a year earlier.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The combined revenue of 26 online and offline retailers reached 10.29 trillion won (US$9 billion) in May, compared with 9.68 trillion won the previous year, according to the data from the Ministry of Trade, Industry and Energy.
Of the total, 13 offline-based retailers, including department stores, discount chains and convenience stores, rose 2.5 percent on-year.
The comparable figure for 13 online shopping malls -- e-commerce sites and online product sales channels run by big retailers -- jumped 15.2 percent from a year ago, driving up the overall growth.
Convenience stores saw their sales gain 10.5 percent last month, with hypermarkets posting a 1.6 percent on-year growth, the latest data showed.
Online sellers, which mainly refer to social commerce sites and the online units of large retailers, chalked up a 32.1 percent on-year gains in sales. The sales of open markets, such as those run by eBay Korea, climbed 9.4 percent from a year earlier.
By Alex Lee and newswires (alexlee@heraldcorp.com)
