Retail sales up 3.7% in August despite drop in discount stores: data

Korean retailers saw their sales increase 3.7 percent from a year earlier in August, despite a sales drop at large-to-mid-sized discount stores, data showed Wednesday.

Major offline retail companies saw their sales decline 3.1 percent on-year last month after posting an on-year increase of 2.7 percent in July.

Sales on major online platforms, on the other hand, jumped 10.5 percent over the cited period, continuing a robust growth trend since January.

The ministry said sales declines from large and medium-sized retail stores, particularly in the food category, limited the rise in total sales of major Korean retailers. Discount stores were unable to capitalize on a surge in demand ahead of the Chuseok holiday, the ministry added.

This year’s Chuseok holiday will run from Oct. 5 to 8, more than two weeks later than last year.

In the offline sector, sales at convenience stores rose 1.1 percent on-year thanks to the government’s “consumption coupons” issued in July to stimulate private consumption.

Sales at department stores advanced 2.8 percent on-year, partly due to growth in the fashion category, which was affected by heat waves that gripped the country last month.

In the online sector, sales of food products, cosmetics and services jumped 16.3 percent, 13.5 percent and 18.1 percent, respectively.