Department store sales up 20.3 percent in Q2

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Department store sales up 20.3 percent in Q2

Sales at department stores in Korea grew at a record rate in the second quarter of the year amid the coronavirus pandemic, data showed Tuesday.
 
Local department stores saw sales in terms of constant prices soar 20.3 percent on-year in the April to June period, according to data from the Korean Statistical Information Service.
 
It was the largest-ever on-year increase for the second quarter since data tracking began in 1995.
 
Industry watchers attributed the second-quarter jump to the so-called base effect, as consumer spending plunged during the same period a year earlier due to the outbreak of Covid-19.
 
In contrast, sales at supermarkets and grocery stores sank 10.4 percent in the second quarter from a year earlier, or the steepest on-year drop for the period.
 
On a current price basis, department store sales surged 21.5 percent on-year to 8.3 trillion won ($7.24 billion) in the three-month period, while sales of supermarkets and grocery stores fell 5.2 percent to 11.2 trillion won.
 
The data also showed sales at duty-free shops spiked 39.2 percent on-year in the second quarter, with online shopping and home shopping expanding 13 percent.
 
Yonhap
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