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Firms posts record monthly revenue, surpassing even convenience stores
November 10, 2009
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The nation’s home shopping industry posted a 44 percent spike in sales for the month of September compared with the same month in 2008, hauling in 569.6 billion won ($490 million) in revenue. It marks the first time that monthly sales topped 500 billion won since the national statistics office started compiling the data in January of last year. Home shopping sales also outpaced revenue at convenience stores for the first time ever. Convenience stores recorded 554.9 billion won in revenue during the month. The surge in sales for home shopping companies in September was largely tied to Chuseok, or Korean Thanksgiving, as consumers spent more time and money shopping for presents. The spread of the A(H1N1) flu virus may have had a role as well, considering many consumers looked to avoid crowded areas such as shopping malls and large stores. Sales by online shopping malls, for instance, jumped 28 percent in September to 1.802 trillion won versus the same month last year. Revenue at retail outlets without physical stores “has been on the increase due to a change in consumption patterns,” an official from the statistics office said. Added an official from an online shopping mall: “More consumers than before seem to be purchasing products online or through television home shopping channels out of fear that they might catch the flu.” At the same time, large discount stores saw relatively stagnant sales, while supermarkets actually saw declines. Sales at large discount stores increased 2.1 percent to hit 2.73 trillion won in September compared with last year, while sales for supermarkets decreased 3.5 percent to 2.10 trillion won. Private supermarkets have been complaining for several months that the opening of so-called “super supermarkets” operated by large discount stores is threatening their businesses. By Lee Eun-joo [angie@joongang.co.kr] |
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