South Korea’s retail sector up 8% in November 2024

Online retail sales increased by 11.8%.

South Korea's retail industry grew 8% year-on-year in November 2024, with offline sales up 3.9% and online sales up 11.8%, the Ministry of Trade, Industry and Energy (MOTIE) said.

The data, collected from 23 major retailers, revealed mixed performance across retail channels. Hypermarkets saw a 5.7% increase, driven by a 10.2% rise in food product sales, whilst home/living and non-food categories declined.

Department stores grew 1.4%, bolstered by food products and foreign designer labels, but fashion categories continued to struggle. Convenience stores grew 5.1%, with both food and non-food products seeing increases.

Meanwhile, super supermarket operators reported a 6.8% rise, fuelled by strong food sales, though non-food products dropped. Online retail also increased 11.8%, driven by significant growth in food products and services/other categories, but home appliances and fashion saw declines.