Seoul: The Republic of Korea's major retail companies experienced a 5.6 percent year-on-year increase in revenue in March, driven by strong consumption demand. This surge was fueled by a significant rise in inbound travelers and the back-to-school season, as revealed by government data.
According to Emirates News Agency, offline retailers witnessed a 1.9 percent growth in sales compared to the previous year. Department stores reported a notable growth of 14.7 percent, while convenience stores saw a 2.7 percent increase in revenue. The data, compiled by the Ministry of Trade, Industry and Resources and reported by Yonhap News Agency, highlighted that department stores saw revenue growth in fashion, sports items, and children's goods, with a record 2.06 million foreign tourists visiting Korea in March. The demand for shopping also rose with the start of a new school year.
Conversely, offline supermarkets experienced a 15.2 percent decline in revenue year-on-year due to the continued growth of the e-commerce sector. Major online retail platforms recorded an 8.1 percent increase in revenue, driven by sales of cosmetics, groceries, household items, and home appliances.
In March, online platforms accounted for 60.6 percent of total retail sales, with department stores contributing 15.4 percent, convenience stores 13.9 percent, and supermarkets 8.1 percent.