S.Korea January department sales rise at fastest clip in 3 months

Hyundai Department Store Co

27/02/2017 02:00

SEOUL, Feb 27 (Reuters) - South Korea's department store 
sales in January rose at the fastest pace in three months, trade 
ministry data showed on Monday, as demand rose thanks to the 
Lunar New Year holiday. 
    Combined sales last month at department stores run by 
Hyundai Department Store  069960.KS , Lotte Shopping  023530.KS  
and Shinsegae Co  004170.LS  climbed 4.6 percent in January for 
a year earlier, accelerating from 3.3 percent in December. 
    January's rise was the fastest since a 6.0 percent jump in 
October. 
    Retail sales tend to rise around Lunar New Year, which can 
fall anywhere between mid-January to mid-February, as consumers 
ramp up purchases of gifts and food.  
    A breakdown showed sales of nearly all product categories at 
department stores increased in January, except for women's 
formal wear and men's apparel.  
    The same data showed sales at discount stores jumped 11.3 
percent in January on an annual basis, on the back of the 
holiday. That was the fastest rise since sales soared 24.5 
percent in February 2015, and snapped two months of falls. 
January's biggest gain was for food products. 
 
 (Reporting by Christine Kim; Editing by Richard Borsuk) 
 ((christine.kim@thomsonreuters.com; 822 3704 5665; Reuters 
Messaging: christine.kim.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA ECONOMY/RETAIL