Bloomberg News

Korea Department Store Sales Fell 2% in June as Confidence Waned

July 18, 2012

Sales at major South Korean department stores fell last month as concern mounted that Europe’s debt crisis will stifle global growth, damping consumer sentiment.

Outlays at the three biggest chains declined 2 percent in June from a year earlier after a 1 percent gain in May, the Ministry of Knowledge Economy said in a statement today. Discount-store sales dropped 7.2 percent last month, the report showed.

The Bank of Korea last week trimmed its outlook for 2012 growth for the second time this year, citing a protracted crisis in Europe for reducing the estimate to 3 percent from 3.5 percent. Consumer confidence dropped to a three-month low in June, according to a central bank report.

To contact the reporter on this story: Eunkyung Seo in Seoul at eseo3@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net


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