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By
Reuters
Published
Nov 10, 2015
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S.Korea Oct dept, discount stores' sales rise

By
Reuters
Published
Nov 10, 2015

South Korea's top department and discount stores sales rose in October as a recovery in consumption firmed, preliminary government data showed on Tuesday.

Combined sales last month at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co jumped 17.4 percent on an annual basis, the finance ministry said in a report.


The same preliminary data showed sales at major discount-store chains in October inched up an annual 1.6 percent.

The finance ministry data are watched as a gauge of retail sales for the entire month, which the trade ministry will release along with details in a few weeks.

Finalised data from the trade ministry earlier showed department store sales rose 2.8 percent in September on-year, while discount store sales increased 7.0 percent over the same period.

In its assessment of the economy, the finance ministry on Tuesday said the recovery in consumption has been spreading to manufacturing and investment but offshore risks remain from slowing growth in China and an expected rise in U.S. interest rates.

 

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