Korean convenience stores outperform department stores in 2020

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By: Retail In Asia

Convenience stores outperformed major department stores for the first time in terms of offline sales last year amid Korea’s year-long social distancing scheme, data showed.

The combined sales of the top three convenience store chains — GS25, CU and 7-Eleven — took up 31 percent of the total offline sales in Korea retail industry, up from 29.2 percent a year ago, according to the data from the Ministry of Trade, Industry and Energy.

On the other hand, the combined percentage of big three department stores – Lotte, Hyundai and Shinsegae – shrank to 28.4 percent, down from 30.4 percent the previous year.

 

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