SEOUL, KOREA - Last month's sales of Korea's major discount stores marked the largest decline in eight years. The Ministry of Knowledge Economy announced on February 21 that the combined sales of the three major outlet store operators including E Mart, Home Plus, and Lotte Mart marked a negative year-to-year growth of 24.6 percent last month.
This is the largest plunge in eight years since the ministry's survey on the monthly sales of the retailers began in January 2005. Key factors behind the sharp decline in the sales of the large retailers include the Lunar New Year's holidays which fell on February this year but January last year.
In addition, the economic slowdown and a reduction in business opening days due to the government policy mandating twice-a-month holidays and limiting operating hours.
By item, food sales marked the highest decline of 26.5 percent, followed by apparels with 26.4 percent, home electronics with 24.5 percent, home life with 24.1 percent, miscellaneous goods with 21.9 percent, and sports items with 9 percent.
enews@hankyung.com
*Article provided by The Korea Economic Daily
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