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South Korean retail sales record double-digit growth

South Korean retail sales in February recorded 10 per cent year-on-year growth as offline trade rebounded.

According to the data from the Ministry of Trade, Industry and Energy, the combined sales of 26 major offline and online retailers reached US$10.2 billion.

Sales generated from brick and mortar stores last month surged 14 per cent due to the increase in gift purchase before and during Lunar New Year. Growth sectors include supermarkets (15 per cent), department stores (40 per cent) and convenience stores (2.1 per cent).

Meanwhile, online platforms’ sales last month rose 34.3 per cent year on year, given that the country had the first wave of the Covid-19 pandemic in February last year. Online stores also saw 5.5 per cent increase in revenue last month.

Online sales of home appliances surged 10.9 per cent on-year, while those of children’s products dipped 19.3 per cent.

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