Korea retail sales rises 9.3% in H1 2022

Offline and online retailers saw an 8.4% and 10.3% growth, respectively. 

Korea’s overall retail sales increased 9.3% in the first half of the year, the Ministry of Trade, Industry, and Energy (MOTIE) reported. 

In particular, offline retailers gained 8.4%, whilst online retailers gained 10.3%. 

“The growth in offline retailers for H1 of 2022 can be attributed to the base effect from previous year’s pandemic and social distancing measures, with this year’s growth powered mostly by department stores (up 18.4 percent),” MOTIE reported in a statement.

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The report was based on a survey of 25 retailers, including 3 department store chain, 3 hypermarket chains, 3 convenience store chains, and four super supermarkets (SSM). The remaining 12 were online retailers.

The report found department stores and convenience stores saw an 18.4% and 10.1% growth respectively; whilst sales slipped in hypermarket chains by 1.5% and in SSMs by 1.9%. 

Moreover, sales at online stores grew 10.3%, mainly due to cosmetic products, groceries, and other contactless purchases.