, South Korea
153 views
Photo by Pixabay from Pexels.

South Korean department stores enjoy sales rebound

Many reported growth in sales from foreign customers.

South Korean department stores have been enjoying a rebound in sales as international shoppers return to the country amid eased virus restrictions, Yonhap reported.

Hanwha Galleria, the department store of Hanwha Group, has said its luxury goods section saw sales from global customers surge more than sixfold YoY from August 2022 to January, with the share of sales from foreigners jumping from less than 1% to 5% over the same period.

Before the COVID-19 pandemic, foreigners accounted for over 15% of sales at Galleria's luxury goods section, the retailer said.

Lotte Department Store's main branch in the tourist district of Myeongdong, central Seoul, also saw sales from foreigners grow 590% YoY over the same six-month period.

READ MORE: South Korea’s retail sales up 9.2% YoY in 2022

"Before the pandemic, most international visitors were group tourists from China. But we are recently seeing more foreign customers of different nationalities, such as the United States, Europe and Southeast Asia," Lim Ji-eun, a spokesperson for the department store, said.

At Hyundai Department Store's Yeouido branch, sales from foreigners jumped 1,142.8% YoY, it said. Consumer transactions, or the amount spent per customer, also grew by 26.3%.

The retailer said it plans to open various pop-up stores related to K-pop and the broader Korean culture whilst partnering with outside vendors to develop tour programs aimed at inbound travellers to South Korea.

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

ION Orchard marks 15 years as a premier retail destination
The mall is proactive in conducting surveys to identify trends and optimise its tenant mix.
Stores
Thai developer says malls stand out as ‘offline super apps’
The tangible business model for entertainment, dining, and retail under one roof still works, and improves with technology.
E-commerce