[THE INVESTOR] Sales at South Korean department stores have increased about 10 percent on-year in the first three days of a nationwide shopping event, called Korea Sales Festa that kicked off on Sept. 29.
Lotte Departments Store, one of the top three chains, said its sales jumped 12.1 percent over the weekend, comapred with the Korea Grand Sale last year.
The latest shopping event aims to connect the retail indsutry with the tourism and cultural sectors in line with the major Chinese holiday season that runs through Friday. Lotte said about 400,000 consumers visited its main store in central Seoul over the past three years.
Hyundai Department Store and Shinsegae Department Store said their sales also soar 10.2 percent and 9.7 percent, respectively, during the cited period.
Local duty-free shops also enjoyed increased sales on the back of the surging number of Chinese tourists. Lotte Duty Free and Shilla IPark Duty Free Shop said their sales by Chinese visitors shot up 25 percent and 30 percent, respectively.