South Korean hypermarkets face longest sales decline

South Korean hypermarket sales fell by 1.9 percent in the third quarter compared to the previous year, marking the tenth consecutive quarterly decline. This represents the longest continuous downward trend since statistical tracking began in 2010.

While hypermarket sales struggled, department stores and duty-free shops saw growth of 4.3 percent and 3.0 percent, respectively. Overall retail sales in the country decreased by 0.5 percent, the first decline in five quarters. This downturn was largely driven by a 7.0 percent drop in durable goods, including an 11.3 percent decrease in passenger vehicle sales.

In contrast, non-durable goods such as food, beverages, and cosmetics increased by 2.7 percent. The service sector showed mixed results: while financial and insurance production rose by 9.2 percent, the accommodation and food service industry declined by 2.2 percent.