Slightly Revived Consumer Spark, Ignite with Relay Sales

Department Stores Offer 30% Off New Arrivals and 70% Off Clearance During This Week's Hangul Day Holiday
Large Marts Like Emart and Lotte Mart Host Seafood and Steak Sales
Kosepe Announces Record-Breaking Lineup... Korean Black Friday Also at US Prices

[Asia Economy Reporter Lim Hye-seon] "If there is no sale opportunity, we create one."

Retailers that enjoyed a brief surge during Chuseok are putting their lives on the line to capture the 'shopping peak season.' Following the three-day holiday including Hangeul Day (October 9), the government-led Korea Sale Festa next month, and the Korean version of Black Friday aligned with the U.S. Black Friday are scheduled. Discount events are expected to continue through the year-end Christmas season, making it the longest discount period.

Department Stores Offer Up to 70% Discount on Hangeul Day Overstock Items

According to the retail industry on the 7th, department stores expect the consumer sentiment revived by Chuseok gift demand to continue until the end of the year. The sale period, which continues until the 11th, also overlaps with the Hangeul Day holiday. Department stores are selling new products at up to 30% off and overstock items at up to 70% off. Performance is steady. Shinsegae Department Store saw total sales increase by 12.7% compared to the same period last year from the 2nd to the 5th. By category, women's sales rose by 0.2%, men's by 7.3%, sports by 36.9%, luxury goods by 32.1%, and lifestyle by 22.7%. Lotte Department Store also saw total sales increase by 4%. Sales of men's products, home appliances, and luxury goods increased by 27.0%, 18.0%, and 23.0%, respectively. Lotte Department Store will offer discounts on living-related products at its Sogong-dong main store from the 12th to the 18th.

Luxury goods, which have maintained steady sales despite the COVID-19 pandemic, are also being sold at discounts. Galleria Department Store is expanding the scale of its signature event, 'Viva! Italia,' to offline locations including the luxury store, Suwon Gwanggyo, Daejeon Timeworld, Seoul Gourmet 494 Hannam, as well as online through Galleria Mall. The event introduces over 100 brands including Italian brands and artists. For the past two years, it was held only at the Apgujeong luxury store in Seoul. The department store explained, "As the desire for overseas travel and cultural activities, which were halted due to COVID-19, has increased, we expanded the event scale."

To commemorate this event, Galleria has prepared 'Unboxing Galleria Live Broadcast Part 2.' The Italian women's premium contemporary brand 'N.21' and perfume brand 'Acqua di Parma' will participate. The luxury store, Gwanggyo, and Timeworld locations will introduce various Italian fashion brands at each branch and offer brand-specific discounts and gift benefits. The 'Festival Vino & Cucina' event, where visitors can experience Italian food culture including premium Italian wine and ingredients, will also be held at each branch.

Large Discount Stores Open During Hangeul Day Holiday

Large discount stores are conducting large-scale discount events. Some local governments nationwide have changed one mandatory holiday in October to Chuseok, allowing about 110 large discount store locations to operate during the Hangeul Day holiday. Emart is holding the 'Korea Genuine Seafood Festival' from the 8th to the 28th, offering discounts on representative autumn seafood. The Seafood Festival is an event that offers up to 70% discounts on major seasonal seafood for the public and fishermen. From the 8th to the 14th, croaker, hairtail, abalone, shrimp, and blue crab will be sold at a 20% discount to Shinsegae Point members, with a maximum limit of 10,000 KRW per person. The representative item, croaker, is sold at 480 KRW per fish. Autumn is the peak season for croaker, and with various festival cancellations and a bountiful catch, securing sales channels is urgent. Emart has prepared 25 tons of stock for this event.

Lotte Mart will also offer up to 50% discounts on food and daily necessities from the 8th to the 14th. Hongsung Hanwoo sirloin (100g) and Number Nine sirloin (100g) will be sold to L.Point members at a 30% discount for 11,830 KRW and 12,040 KRW each. The 'Australian Steak Festival' will also be held, offering 'grain-fed chuck eye roll (100g)' and 'grain-fed round steak (100g)' to L.Point members at a 30% discount for 1,890 KRW and 2,240 KRW each. Considering the demand to change indoor atmospheres with the changing season, a 'Fall Living Fair' is also prepared, gathering various daily necessities such as blankets and wine glasses in one place.

Korea Sale Festa, Once Overlooked, Is Different This Year

The industry is also paying attention to the Korea Sale Festa event. In previous years, the effect was not as great as expected, and not many companies participated, but this year the retail industry is proactively taking the lead. A retail industry official said, "Since sales increased significantly during the government-wide Together Sale held in June and July, it is important to seize every possible sale opportunity," adding, "It is no exaggeration to say that even companies that were previously skeptical are now waiting only for the Korea Sale Festa." During the Together Sale, department store sales increased by up to 11%. Large discount stores also saw a sharp increase in sales centered on Hanwoo beef and alcoholic beverages.

The retail industry plans to hold a Korean version of Black Friday at the end of November, timed with the U.S. Thanksgiving holiday. They are also considering matching the discount prices of various electronics and clothing to those in the U.S. to target overseas direct purchase customers. This is interpreted as an intention to clear out inventory by offering the maximum discount within the year.

A retail industry official said, "If business fails in the second half of the year, the number of companies closing next year will increase," adding, "We will focus on marketing and various discount events to keep the consumer demand, which has revived somewhat after Chuseok, from dying out."

This content was produced with the assistance of AI translation services.