Department Stores Emerge from Coronavirus Slump
20 October, 2020
Sales of the three biggest department store chains Lotte, Shinsegae and Hyundai surged in the double digits last weekend in first signs of a recovery from the coronavirus crisis.
Lotte's sales rose 11 percent on-year on Oct. 16-18, with sales of imported luxury goods jumping 39 percent, lifestyle products 57 percent, and men's clothes and sporting goods 13 percent.
This was a substantial increase in comparison to a single-digit rise in weekend sales in September.
Shinsegae's sales jumped by 17.7 percent the same weekend. Sales of luxury goods, which have kept rising despite the coronavirus epidemic, jumped by 40 percent and lifestyle products by 53.4 percent consequently of lockdown. Those of sportswear increased by 28.6 percent and men's clothes by 10.4 percent.
Only women's clothes still lag behind.
Over the same period Hyundai Department Store's sales rose 13.8 percent on-year, also led by imported luxury goods, which jumped 35.1 percent, followed by lifestyle goods at 25.1 percent and sportswear at 20.1 percent.
That indicates that consumer sentiment is rebounding because the government eased social distancing rules earlier this month, insiders speculate.
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