S.Korea department, discount store sales rise in March

Hyundai Department Store Co

28/04/2017 03:00

SEOUL, April 28 (Reuters) - South Korea's department and 
discount store sales recovered in March in a positive sign for 
consumption that has been sluggish for months, trade ministry 
data showed on Friday. 
    Combined sales at department stores run by Hyundai 
Department Store  069960.KS , Lotte Shopping  023530.KS  and 
Shinsegae Co  004170.LS  rose 2.3 percent by value from a year 
earlier, the Ministry of Trade, Industry and Energy said. 
    Sales also bounced from a 1.3 percent decline seen in 
February, thanks to stronger demand for household electronics 
such as air conditioners and vacuum cleaners. 
    The volume of purchases at department stores in March also 
gained. They were up 3.9 percent on-year, speeding up from a 2.4 
percent rise in February. 
    At discount stores in March, sales rose 2.5 percent from a 
year ago, compared with a 19.5 percent drop in February. 
    Demand for fresh produce and higher prices of eggs due to an 
outbreak of bird flu had boosted overall sales at discount 
stores, while sports and outdoor-related product sales dropped 
sharply due to worsened air pollution nationwide, said the trade 
ministry. 
    Sales for sports and outdoor goods have been declining since 
last July. 
    Asia's fourth-largest economy grew a stronger-than-expected 
0.9 percent in the first quarter, accelerating from a 0.5 
percent expansion in the final three months of last year and the 
fastest pace since last spring, data showed earlier this week. 
    The retail sales rebound could add to signs that the 
recovery is becoming more balanced and broad based. 
    First-quarter growth was fueled not only by exports but a 
pickup in investment and private consumption, though the service 
sector remained weak as a diplomatic spat with China saw Chinese 
tourist numbers fall. urn:newsml:reuters.com:*:nL4N1HX314 
 
 (Reporting by Christine Kim; Editing by Kim Coghill) 
 ((christine.kim@thomsonreuters.com; 822 3704 5665; Reuters 
Messaging: christine.kim.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA ECONOMY/RETAIL