ANN/THE KOREA HERALD – South Korea’s retail sector recorded a 4.4 per cent year-on-year sales increase in February, driven by surging demand for e-commerce and food delivery services, according to data released by the Ministry of Trade, Industry and Energy.
The online retail sector played a significant role in the growth, with sales soaring 16.7 per cent from a year earlier.
The revenue from the food sector rose 14.9 per cent, while online services – including food delivery and e-coupons – witnessed a 76.3-per-cent surge. Sales of home appliances and electronics also saw a turnaround, rising 3.6 per cent after four months of decline, buoyed by seasonal demand ahead of the new school semester.
However, brick-and-mortar retailers faced challenges, with offline sales dipping 7.7 per cent as the Lunar New Year holiday fell earlier in January this year.
Supermarkets were hit the hardest, with sales plunging 18.8 per cent, while department stores recorded a 3.6-per-cent decline.
The data highlights a continued shift in consumer spending patterns, with online platforms solidifying their dominance in South Korea’s retail landscape.
