South Korea’s retail sales drop y/y in July over weak offline store results
South Korea saw its retail sales drop by 0.1% on an annual basis to KRW 11.03 trillion for July 2019, Yonhap News reported referring to data released by the ministry of trade, industry and energy. The slight decline was caused by the weak performance of offline stores, including supermarkets and department stores.
In detail, sales of 13 major online stores and marketplaces rose by 8.7% on the year thanks to their fast delivery services. In contrast, the combined sales of 13 offline retailers went down by 5.6% on the year for July.
The decline was explained with the longer-than-expected rainy season, which affected the demand for seasonal outdoor products and home appliances, as well as with the boycott of Japanese products amid the growing trade tensions between the two countries, Yonhap News added.Original source: Yonhap News