Sales in convenience stores rank 2nd in H1 after department stores

Sales in South Korean convenience store chains ranked second among offline shopping outlets after department stores in the first half, the trade ministry said Tuesday.

The ratio of sales in convenience stores came to 16 percent in the January-June period following department stores' 16.8 percent, showed data from the Ministry of Trade, Industry and Energy.

Convenience stores exceeded large discount stores in terms of annual sales ratio for the first time in 2021 and have since maintained the second-ranking position, the ministry said.

Consumers spend less at department stores due to high interest rates and high consumer prices, while sales at convenience stores are on the rise due to higher demand from single-person and two-person households, it said. (Yonhap)