Seoul: Retail sales in South Korea experienced a 5.6 percent increase in March compared to the previous year, driven by a rise in inbound tourism and the back-to-school season demand. This data was released by the government on Wednesday.
According to Yonhap News Agency, offline retailers witnessed a 1.9 percent growth in sales. Department stores reported a notable revenue increase of 14.7 percent, while convenience stores saw their revenue rise by 2.7 percent. The Ministry of Trade, Industry and Resources highlighted that the influx of 2.06 million foreign tourists in March significantly contributed to the shopping demand, particularly in fashion, sports items, and children's goods, as the new school year commenced.
Despite the positive growth in offline retail, supermarkets experienced a 15.2 percent decrease in revenue, attributed to the expanding e-commerce sector. Major online retail platforms saw an 8.1 percent increase in revenue, with cosmetics, groceries, household items, and home appliances leading the sales growth.
Online platforms represented 60.6 percent of total retail sales in March. In contrast, department stores accounted for 15.4 percent, convenience stores 13.9 percent, and supermarkets 8.1 percent.