Bloomberg Anywhere Bloomberg Professional About Bloomberg


 
South Korea's Department Store Sales Increase for Fourth Month

By Seyoon Kim

May 15 (Bloomberg) -- South Korea's department store sales expanded for a fourth straight month in April as consumers bought more luxury goods, clothes and food.

Sales at the nation's three biggest chains rose 6.5 percent from a year earlier, following March's 6.7 percent gain, the Ministry of Knowledge Economy said in Gwacheon today. Sales at discount stores advanced 0.1 percent from a year ago, slowing from a 2.8 percent increase in March.

Department stores ran more promotions and bargain sales in April to attract customers, leading to the increase in spending last month, the ministry said in today's report.

Vice Finance Minister Choi Joong Kyung said this week that the economy is in a ``downturn'' amid rising prices and a global slowdown. The jobless rate rose to a five-month high in April, as manufacturers, builders and retailers fired workers, an indication that department store sales may cool in coming months.

To contact the reporter on this story: Seyoon Kim in Seoul at skim7@bloomberg.net.

Last Updated: May 14, 2008 17:00 EDT

Sponsored links