Retail in Asia

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S.Korea May dept store sales set to rise for third month

Sales in May at South Korea’s top department stores were set to post a third straight month of gains, preliminary government data showed on Wednesday, as consumption maintained a steady recovery.

Combined sales at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co were estimated to have risen 1.5 percent in May from a year ago, the finance ministry said.

Although positive, this would be slower than a 4.3 percent gain seen in April.

Sales at discount stores in May however, were set to fall 5.5 percent on-year, the finance ministry data showed, after rising 1.7 percent in April.

The trade ministry will publish finalised numbers and details later in the month.

Meanwhile, the finance ministry said although momentum in domestic consumption has been sustained, sentiment in households and businesses remains slow to recover.

(Source: Reuters)