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THE INVESTOR
September 23, 2018
Big Reunion

Retail & Consumer

Heat wave boosts department store sales in Korea

  • PUBLISHED :August 30, 2018 - 10:39
  • UPDATED :August 30, 2018 - 10:39
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[THE INVESTOR] Sweltering heat in Korea has boosted the sales of local department stores this summer as people have flocked to air-conditioned malls to get relief, industry sources said on Aug. 30.

According to retail sector data, revenues from restaurants inside Lotte Department Store jumped 10.6 percent on-year between July 16 and Aug. 22 when the mercury sharply rose.


Shinsegae Department Store also saw its revenue in July surge 8.4 percent compared with the same period a year earlier, with designer brands and home appliances, among others, showing brisk sales growth of 19.7 percent on-year and 18.9 percent on-year, respectively, it said.

Hyundai Department Store also reported sales for the period of July 11-Aug. 8 advancing 7.9 percent on-year. The number of customers also increased 7.3 percent on-year during the same period.

Record high temperatures gripped most parts of Korea this summer. On Aug. 1, the country sizzled to its highest recorded temperature of 40.7 degrees Celsius, with the numbers for Seoul reaching the highest since record keeping began 111 years ago.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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