South Korea's Sept department, discount store sales rebound

[SEOUL] Sales at South Korea's top department and discount stores for September rebounded as South Koreans splurged for an autumn holiday, official data from the trade ministry showed on Wednesday.

Combined sales last month at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co rose 2.8 per cent from a year earlier, the Ministry of Trade, Industry and Energy said in a statement.

This was the strongest rise seen since May this year and partially recouped the 6.5 per cent decline in August.

The trade ministry said produce sales had propped up revenue, while poor demand for apparel dragged on the final numbers.

On quarterly terms, department store sales fell 1.0 per cent in the third quarter, declining for a fourth straight quarter.

Sales at major discount-store chains in September rose 7.0 per cent on-year, breaking three months of falls as consumers snapped up fresh produce for the Chuseok holiday which can fall on any month from September to October each year.

This was the strongest rise seen since February this year while on quarterly terms, sales fell 0.7 per cent to mark a 14th straight quarter of declines.

REUTERS