Bloomberg News

South Korea’s Department Store Sales Gain Least in 30 Months

November 17, 2011

Nov. 17 (Bloomberg) -- Sales at major South Korean department stores increased in October at the slowest pace in 30 months, adding to concern that consumer demand is faltering.

Outlays at the three biggest chains gained 3.1 percent from a year earlier, after rising 6.5 percent in September, the Ministry of Knowledge Economy said in a statement today. Discount-store sales gained 5.5 percent, today’s report showed.

South Korean consumer confidence last month held near a five-month low as the European debt crisis threatened the global outlook. Inflation and higher interest rates are also curbing consumers’ purchasing power.

--Editors: Ken McCallum, Lily Nonomiya

To contact the reporter on this story: William Sim in Seoul at wsim2@bloomberg.net

To contact the editor responsible for this story: Ken McCallum at kmccallum4@bloomberg.net


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