October Offline Retail Sales Including Department Stores Up 2.1%... Highest in 9 Months

Offline Sales Growth Rate Hits Highest Level Since January
Effect of Department Store Discount Events...Increase in Electronics and Luxury Brands

Asia Economy DB=Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] Last month, sales of both online and offline retailers increased for the second consecutive month following September.

According to the "October Major Retailers Sales Trends" announced by the Ministry of Trade, Industry and Energy on the 23rd, offline sales such as department stores rose by 2.1% compared to October last year, online sales increased by 17.1%, resulting in an overall sales growth of 8.4%.

Following the first simultaneous increase in online and offline sales in September since the COVID-19 pandemic, both sales channels maintained their upward trend in October as well.

In particular, the offline sales growth rate is the highest since January this year (4.1%). Offline sales had been on a continuous decline since turning negative with a 7.5% decrease in February, but reversed to a 1.0% increase in September.

Department stores and others boosted sales by conducting various discount events from the end of October.

By product category, most categories saw sales increases, including electronics and culture (26.4%), luxury and famous brands (23.8%), and daily necessities and home goods (14.1%).

Except for corporate supermarkets (SSM), which decreased by 12.4%, sales at large marts (2.3%), department stores (4.2%), and convenience stores (2.9%) increased.

Online retailer sales also rose by 17.1% overall, driven by non-face-to-face consumption trends and discount events, focusing on agricultural, livestock, and fishery products, transitional season home appliances, and furniture.

On the other hand, due to social distancing measures, sales of travel, culture, and performance products decreased, causing online service and other sales (-18.1%) to decline.

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