Convenience stores sales jumped in 2015

Convenience stores sales jumped in 2015 on the rising popularity of ready-made meals and items for single-person households, industry data showed Monday.

Sales rose 29.6 percent to 16.52 trillion won from the year before. The figure outpaced sales of other offline retailers in South Korea that reached a combined 276.91 trillion won ($229.23) to show a 3.4 percent increase from a year earlier, said Statistics Korea. 

Caption: Inside of a local convenience store. (Yonhap)

Convenience stores have emerged as key retail outlets in South Korea to become one of the fastest-growing sales channels amid sluggish consumption. The shops have also competitively introduced their own store brands, known in the country as “private brands.”

These brands are seen have gained an edge over traditional and multinational labels in terms of price.

In contrast, sales at department stores declined 0.4 percent on-year to 29.22 trillion won, falling for two consecutive years, the data showed.

(khnews@heraldcorp.com)