You are here

Quiet Korean cash registers disappoint again as consumption sags

skoshopbkg12.jpg
Sales at South Korea's top department stores were weaker than estimated, government data showed on Tuesday, as they fell for a second straight month in annual terms and added to concerns over weak domestic consumption in Asia's fourth-largest economy.

[SEOUL] Sales at South Korea's top department stores were weaker than estimated, government data showed on Tuesday, as they fell for a second straight month in annual terms and added to concerns over weak domestic consumption in Asia's fourth-largest economy.

Combined sales last month at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co slipped 2.2 per cent in October from a year earlier, the trade ministry said in a statement.

This was worse than a 0.9 per cent fall estimated earlier this month but a shortened drop compared to a 6.3 per cent decline seen in September.

The ministry attributed the fall in sales to fewer discount events at stores during October.

sentifi.com

Market voices on:

Sales at major discount-store chains edged down 0.9 per cent in October from a year earlier, the same government data showed, nearly unchanged from a 0.4 per cent fall estimated earlier and compared to a 10.1 per cent drop in September.

Discount-store chain sales also declined for a second straight month with weak sales blamed on an increased number of stores shutting on Sundays by regulations aimed at promoting traditional markets.

REUTERS

Powered by GET.comGetCom