Surge in Foreign Sales in Korean Department Stores During Lunar New Year Holiday
During the recent Lunar New Year holiday period, sales to foreign customers in South Korean department stores and duty-free shops surged, with growth rates reaching up to 276% compared to the previous year. This trend indicates that major retailers benefited significantly from the influx of tourists.
According to the retail industry on the 22nd, foreign sales in major domestic department stores increased dramatically during the holiday period from the 13th to the 18th. The foreign sales growth at Shinsegae Department Stores main branch, Gangnam branch, and Centum City branch was reported at 276% compared to the previous year. Lotte Department Store also saw a 260% increase in sales from customers from the Greater China region, achieving its highest performance during the Lunar New Year period. Hyundai Department Store reported an approximately 80% increase in foreign sales at The Hyundai Seoul.
The duty-free sector also experienced significant growth in foreign sales. Lotte Duty-Free and Shinsegae Duty-Free recorded increases of 69% and 41%, respectively, compared to the prior year. Notably, the proportion of sales from foreign independent travelers (FIT) at both duty-free shops reached between 50% and 80%. These travelers preferred K-beauty products and brands from emerging Korean designers over high-end luxury goods that were traditionally favored by group tourists. At Lotte Department Stores main branch, foreign sales in the Kinetic Ground, a K-fashion specialty section, surged to approximately 38 times the previous years figures.
The influx of foreign tourists was not limited to Seoul but was observed nationwide. The Grand Hyatt Jeju, operated by Lotte Tour Development, recorded a near capacity occupancy of 1590 out of 1600 rooms during the holiday period. The majority of the guests were from the Greater China region, which also contributed to an increase in casino usage within the resort. In the Busan area, foreign sales and tourism also saw a significant uptick during the holiday period.
According to the retail industry on the 22nd, foreign sales in major domestic department stores increased dramatically during the holiday period from the 13th to the 18th. The foreign sales growth at Shinsegae Department Stores main branch, Gangnam branch, and Centum City branch was reported at 276% compared to the previous year. Lotte Department Store also saw a 260% increase in sales from customers from the Greater China region, achieving its highest performance during the Lunar New Year period. Hyundai Department Store reported an approximately 80% increase in foreign sales at The Hyundai Seoul.
The duty-free sector also experienced significant growth in foreign sales. Lotte Duty-Free and Shinsegae Duty-Free recorded increases of 69% and 41%, respectively, compared to the prior year. Notably, the proportion of sales from foreign independent travelers (FIT) at both duty-free shops reached between 50% and 80%. These travelers preferred K-beauty products and brands from emerging Korean designers over high-end luxury goods that were traditionally favored by group tourists. At Lotte Department Stores main branch, foreign sales in the Kinetic Ground, a K-fashion specialty section, surged to approximately 38 times the previous years figures.
The influx of foreign tourists was not limited to Seoul but was observed nationwide. The Grand Hyatt Jeju, operated by Lotte Tour Development, recorded a near capacity occupancy of 1590 out of 1600 rooms during the holiday period. The majority of the guests were from the Greater China region, which also contributed to an increase in casino usage within the resort. In the Busan area, foreign sales and tourism also saw a significant uptick during the holiday period.
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