South Korean retailers are slightly more upbeat about their business conditions in the second quarter of the year than the previous quarter on expectations of strong performances by online shopping malls and department stores, a poll showed Thursday.
According to the survey of 944 retailers by the Korea Chamber of Commerce & Industry, the retail business survey index easuring retailers' sentiment about the upcoming quarter came to 100 for the April-June period, up 1 point from 99 for the first quarter.
A reading above 100 means that optimists outnumber pessimists.
"The index took an upward turn from the fourth quarter of last year, for which it recorded a 97, led by online shopping malls armed with convenience and reasonable prices and department stores enjoying a boom from the growing number of Chinese tourists to the country," the KCCI said.
The index for the Internet shopping industry reached 106 as it is expected to maintain good performance in the second quarter on the back of a rise in single-person households and consumers' appetite for low-priced goods.
Department store sales are forecast to grow on the strength of Chinese tourists who are expected to visit the country during Chinese holidays such as May Day. The index for department stores came in at 104.
Retailers cited sluggish sales caused by dented consumer sentiment as the biggest hurdle for their business, followed by decreased profits and growing competition. (Yonhap)