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Sales at department stores in South Korea shrank in February from a year earlier, switching from growth in the previous month, preliminary government data showed Tuesday.
Department store sales declined 1.7 percent on-year in February, according to the data by the finance ministry. The on-year decline followed a 7.2 percent growth tallied in January.
Sales at discount chains also dropped. The data showed discount chain sales falling 23.1 percent on-year in February, a turnaround from the previous month’s 18.4 percent gain.
The ministry attributed the declines to less demand caused by the absence of the Lunar New Year holidays in February of this year. The holidays, which usually lead to brisk consumer demand, occurred in January this year unlike last year when they were in February. (Yonhap)
Department store sales declined 1.7 percent on-year in February, according to the data by the finance ministry. The on-year decline followed a 7.2 percent growth tallied in January.
Sales at discount chains also dropped. The data showed discount chain sales falling 23.1 percent on-year in February, a turnaround from the previous month’s 18.4 percent gain.
The ministry attributed the declines to less demand caused by the absence of the Lunar New Year holidays in February of this year. The holidays, which usually lead to brisk consumer demand, occurred in January this year unlike last year when they were in February. (Yonhap)
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Articles by Korea Herald
