Korean c-stores outshine other retailers with billion dollar growth
South Korean convenience stores enjoyed strong sales growth amid weak domestic consumption in 2015, according to Yonhap News Agency.
Sales were up at 29.6 percent in the convenience business as compared to 3.4 percent increase in overall retailers’ sales.
Offline retailers’ combined sales amounted to 276.91 trillion won (US$229.23 billion) while c-stores alone registered 16.52 trillion won (more than US$13 billion) in sales last year, according to Statistics Korea.
Convenience stores are now considered the fastest growing sales channel thanks to the increasing popularity of ready-to-eat 'boxed meals' and various items for single-person households.
Their respective product lines, known as ‘private brands’, were also reported to have an edge over traditional brands in terms of price.
In contrast, discount chains and supermarkets struggle with sluggish growth as online shopping takes away market share in fresh food.
Department store sales, meanwhile, were down in June due to the Middle East Respiratory Syndrome (MERS) outbreak in the country.
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