Consumer slump deepens

In a sign that Korea’s consumer contraction is deepening, sales at major discount outlets and department stores dropped from a year earlier for the third consecutive month in August.

According to a report released Monday by the Ministry of Knowledge Economy, the nation’s three biggest supermarket chains ― Lotte Mart, E-Mart and Homeplus ― saw their combined sales fall 3.3 percent on-year last month. The three biggest department stores also suffered a decline of their sales by 6.9 percent.

Analysts and officials said the forced closure of large discount outlets every other Sunday contributed to the continued sales drop.

(claire@heraldcorp.com)