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Retail sales up in May, led by online malls

All News 11:00 June 27, 2019

SEOUL, June 27 (Yonhap) -- Retail sales in South Korea increased in May from a year earlier as online malls continued to attract more customers with faster delivery services and wider selections, data showed Thursday.

The combined sales of 26 major offline and online retailers reached 11.43 trillion won (US$9.87 billion) last month, up 8 percent from a year earlier, according to the data by the Ministry of Trade, Industry and Energy.

Sales of 13 major online stores and marketplaces jumped a whopping 18.1 percent on-year to drive the overall growth. The rise was mostly attributable to foodstuffs, along with the seasonal demand for home appliances, the data showed.

Thirteen offline retailers, including department stores and discount chains, also saw their sales edge up 1.9 percent on the back of rising demand for ready-to-eat products.

The increase from the offline segment came as consumers purchased gifts for Children's Day and other celebrations in the month, according to the ministry.

Retail sales up in May, led by online malls - 1


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