Published : Aug. 30, 2017 - 13:25
The growth of retail sales in South Korea slowed down last month due to weak performance by online malls amid fierce market competition, government data showed Wednesday.
The combined revenue of 26 offline and online retailers reached 10.22 trillion won ($9 billion) in July, up 3.6 percent from 9.87 trillion won tallied the previous year, according to the data from the Ministry of Trade, Industry and Energy.
The on-year gain in July marks a deceleration from 7.2 percent, 6.3 percent and 7.2 percent growth posted in April, May and June, respectively.
In this file photo taken on July 2, 2017, shoppers go through discount items at Lotte Department Store in downtown Seoul. (Yonhap)
The slowdown was largely attributable to the drop in sales of online open markets, such as eBay and 11st, according to the data.
Sales at 13 major online shopping malls rose 4.4 percent last month, after posting double-digit growth for five straight months since February.
The sales of the other 13 offline-based retailers, including department stores, discount chains and convenience stores, meanwhile, rose 3.2 percent on-year in July on the back of strong performance by convenience stores.
Convenience stores saw their sales gain 11.1 percent last month, with hypermarket chains posting a 1.7-percent growth in their sales and department stores' revenue sliding 1.3 percent, according to the latest data. (Yonhap)