S.Korea Nov dept store sales rise for 3rd mth, discount store sales fall

Hyundai Department Store Co

29/12/2015 02:00

SEOUL, Dec 29 (Reuters) - Sales at department stores in 
South Korea rose for the third straight month in November, 
though the pace of growth slowed from October. 
    Combined sales at department stores run by Hyundai 
Department Store  069960.KS , Lotte Shopping  023530.KS  and 
Shinsegae Co  004170.LS  rose 1.0 percent from a year earlier, 
finalised data from the Ministry of Trade, Industry and Energy 
showed on Tuesday. 
    That was far weaker than a 11.4 percent jump seen in October 
but strong sales then were mainly due to a major holiday in 
South Korea. 
    Although warmer-than-average weather had curbed sales of 
winter apparel, demand for household goods such as televisions 
and refrigerators had boosted sales in November at department 
stores, the data said. 
    Government efforts this year have sparked a recovery in 
domestic demand, but there have been concerns the effects from 
official measures will taper off early next year. 
    Sensing concern, President Park Geun-hye on Monday urged 
government officials to prepare strong measures to keep the 
momentum going.  urn:newsml:reuters.com:*:nL3N14H15U 
    Sales at South Korea's major discount stores slipped 3.7 
percent in annual terms in November, declining for a second 
month after they fell 0.5 percent in October. 
    The decline in sales were attributed to fewer working days 
compared with the previous year and consumers avoiding meat 
products after the World Health Organisation experts said in 
late October that eating processed meat can cause cancer in 
humans, the ministry said.  urn:newsml:reuters.com:*:nP6N0QQ01G 
 
 (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