South Korea’s retail sales up 10.9 per cent in March 

Retail sales in South Korea rose 10.9 per cent on-year in March on the back of stronger demand for travel and entertainment services from online platforms, data showed Monday.

The combined sales of 25 major offline and online retailers came to US$11.45 billion, compared with $10.3 billion tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

Offline store sales moved up 6 per cent during the period, partly due to the higher number of weekend days, which totaled 10, an increase of two from the previous year.

Supermarket sales rose by 6.2 per cent, driven by increased demand for food, although the sales of other categories, such as sports items and clothing, declined.

Sales at department stores also increased 8.9 per cent, led by household items and imported luxury goods, the data showed.

Convenience stores saw their sales advance 3 per cent over the period, with demand rising in all categories, from ready-to-eat items to daily necessities.

Sales from online platforms surged 15.7 per cent, on the back of the demand for travel services during the spring season, as well as increases in food delivery and gift voucher purchases.

Online platforms accounted for 52.7 per cent of total sales in February, up from 50.5 per cent a year earlier, the ministry said.

This story was originally published by Yonhap, via Korea Bizwire.

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