Korea Black Friday sales may become yearly shopping event

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Korea Black Friday sales may become yearly shopping event

Deputy Prime Minister for the Economy and Finance Minister Choi Kyung-hwan said the government will work on making Korea Black Friday an annual event, during his visit to Hyundai Department Store Sinchon branch on Wednesday afternoon. Choi made the visit on the last day of the discount event to hear consumers’ feedback.

Regarding criticisms of lower-than-expected discount rates and limited participation from the private sector, Choi acknowledged that the government had hurriedly prepared the event, but promised it will get more manufacturers to participate in the future.

According to the Ministry of Trade, Industry and Energy on Wednesday, department stores saw their sales rise by 25 percent year-on-year from Oct. 2-12, while online shopping channels saw a rise of 27 percent. Large discount stores saw sales rise 4.3 percent.

The nation’s three leading department stores are continuing the sales event until Sunday, hoping to capitalize on the shopping frenzy. Starting today, Lotte Department Store is selling fashion and sporting goods at discounts between 40 percent and 80 percent at a venue set up within exhibition and convention center Kintex in Goyang City, Gyeonggi. It is also offering electronics products and toys for up to 50 percent off.
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