Korea Department Store Sales Fall for Fourth Month in September
Sales at major South Korean department stores declined for the fourth straight month in September as slowing economic growth weighed on confidence.
Outlays at the three biggest chains declined 0.8 percent from a year earlier in September after a 6.9 percent drop in August, the Ministry of Knowledge Economy said in a statement today. Discount-store sales increased 0.2 percent last month, the report showed.
Fewer purchases from consumers highlight slowing economic activity that led the Bank of Korea to cut borrowing costs for the second time this year on Oct. 11. The central bank lowered its forecast for 2012 growth to 2.4 percent last week and will report preliminary gross domestic product for the third quarter on Oct. 26.
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