South Korea’s retail sales retreatJuly 19th, 2012 - 2:58 pm ICT by IANS
Seoul, July 19 (IANS) Sales at South Korea’s major discount outlets and department stores retreated last month due to weak demand for groceries and clothes, a government report showed Thursday.
Total sales at the country’s three leading discount chains, including E-Mart, Lotte Mart and Homeplus, tumbled 7.2 percent in June from a year earlier, compared with a 5.7 percent on-year contraction tallied in the previous month, according to the Ministry of Knowledge Economy.
The contraction was attributed to weak demand for foodstuffs stemming from price hikes in farm goods and fishery products. Mandatory closure of stores caused less business days, contributing to less revenue by discount outlets, reported Xinhua.
Grocery sales, which account for more than half of sales by the key discount chains, tumbled 6.7 percent on-year in June, and demand for consumer electronics and clothing dropped 14.4 percent and 12.4 percent, respectively.
Sales of daily household goods and miscellaneous products declined 4.4 percent and 10.9 percent, respectively, over the cited period, with sales of sports-related items falling 0.5 percent.
- South Korea's retail sales grow in December - Jan 18, 2012
- South Korea's retail sales growth negative in November - Dec 15, 2011
- South Korea's retail sale grows in October - Nov 17, 2011
- South Korea's auto sales tumble - Sep 03, 2012
- South Korea's auto sales grow - Jul 02, 2012
- South Korea's industrial output shrinks in October - Nov 30, 2011
- South Korea's industrial output growth plunges - Apr 30, 2012
- South Korea's trade surplus rebounds to $4.29 bn - Nov 01, 2011
- South Korean industrial output contracts for three months - Jan 31, 2012
- South Korea's industrial power sales go up - Nov 21, 2011
- South Korean economic indicators weakening on sagging export - Aug 07, 2012
- South Korea's auto sales rebound - Mar 02, 2012
- South Korea's trade balance turns into black - Mar 01, 2012
- South Korea's trade surplus reduces - Jul 16, 2012
- `South Korean economic indicators weakening' - Feb 07, 2012
Tags: contraction, department stores, discount chains, discount outlets, e mart, fishery products, foodstuffs, government report, groceries, grocery sales, homeplus, household goods, knowledge economy, lotte mart, miscellaneous products, price hikes, retail sales, seoul, south korea, xinhua