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South Korea Oct dept store sales rise at fastest pace in 3 months

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Sales at South Korea's department stores in October rose at their fastest pace in three months thanks to a nationwide government-led discount sales event, the Ministry of Trade, Industry and Energy said on Tuesday.

[SEOUL] Sales at South Korea's department stores in October rose at their fastest pace in three months thanks to a nationwide government-led discount sales event, the Ministry of Trade, Industry and Energy said on Tuesday.

Combined sales at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co rose 6 per cent from a year earlier last month - the biggest gain since a 7 per cent rise in July.

In September, sales rose 4.1 per cent.

The trade ministry said household items saw the biggest increase in sales among products sold in department stores, jumping 15.6 per cent on-year in October.

Starting from last year, the government decided to set a period for large-scale discount sales by nearly all major retailers to boost consumer spending, similar to Black Friday and Cyber Monday that take place after the Thanksgiving holiday in the United States.

Tuesday's data also showed discount store sales in October rose 0.9 per cent from a year earlier, rebounding from two months of falls.

Convenience stores continued to see steady demand for their goods as October sales rose 15.5 per cent on-year, slowing just slightly from a 15.9 per cent gain in September.

REUTERS