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Department stores see sales drop despite improving consumer sentiment
By a2017001Published : June 29, 2017 - 10:57
South Korean retailers saw their sales fall slightly this month, industry data showed Thursday, despite steady improvements in consumer sentiment.
Lotte Department Store, the country's leading top-end retailer, said its sales fell 1.3 percent from a year earlier in the June 1-27 period.
Its rival Hyundai Department Store also saw its revenue from the same period slip 1.6 percent on-year, the retailer said, citing corporate data.
Industry watchers, meanwhile, said the situation should improve, as the new Moon Jae-in administration started to push forward measures to fuel economic growth. They said the start of the peak summer vacation season can further help sales.
South Korea's overall consumer sentiment hit a more than six-year high with 111.1 this month, according to central bank data. A reading above 100 means that optimists outnumber pessimists. (Yonhap)
