Retailers upbeat over Q3 business: poll

A majority of Korean retailers are optimistic about business conditions in the third quarter of the year on hopes of a rise in their sales during the summer holiday season, a poll showed Tuesday.

The Korea Chamber of Commerce and Industry said its retail business index fell slightly to 119 for the July-September period from 125 for the second quarter, but it was well above the benchmark level.

A reading above 100 means that optimists outpaced pessimists.

The index has been above the benchmark 100 for five straight quarters since the third quarter of last year.

“Sales at large-sized discount stores are expected to rise in the third quarter as this summer is forecast to be hot and long,” the chamber said.

In addition, increasing sales for online shopping malls run by discount store chains are another factor for the bright outlook, the KCCI said.

Sales for online shopping malls operated by three discount store chains ― Lotte Mart Co., E-Mart Co. and Homeplus Co. ― more than doubled in the first quarter from a year ago, it said.

According to the survey, the companies polled predicted that a consumer shopping spree during the Chuseok holiday will contribute to a rise in their sales in the third quarter. Chuseok, one of Korea’s biggest holidays, falls on Sept. 12 this year.

The KCCI poll comes amid a gradual recovery in consumer sentiment in Korea, Asia’s fourth-largest economy. 

(Yonhap News)