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Top 5 department store sales spike on 'Korea Sale Festa'

All News 09:56 October 01, 2016

SEOUL, Oct. 1 (Yonhap) -- South Korea's trade ministry said Saturday the top five local department store chains saw their sales spike on the first day of a nationwide shopping event, casting a brighter outlook on the country's economy.

The massive shopping campaign called the "Korea Sale Festa," which kicked off on Thursday, aims to tie up the retail industry with the tourism and cultural sectors in line with the major Chinese holiday season.

The Ministry of Trade, Industry and Energy said South Korea's top five department store brands saw their sales advance 24 percent for the first day of the event on Thursday compared with "Korea Black Friday," which kicked off on Oct. 1, 2015.

A total of 249 retailers, manufacturers and online malls will provide discounts and promotions at 59,000 stores across the nation, offering much wider options compared to last year's fall shopping season when Korea Black Friday and the Korea Grand Sale were held in September and October.

The Seoul Metropolitan Government earlier expected that around 250,000 tourists will visit the city in early October thanks to China celebrating a key holiday.


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