Discount store sales post steepest drop in 13 years amid Homeplus closures

Homeplus CI

Sales at South Korea’s large discount stores recorded their sharpest decline in more than 13 years in November last year, weighed down by the spread of online grocery shopping and a series of store closures by Homeplus.

According to data released Sunday by the Ministry of Data and Statistics, the retail sales index for big-box stores fell to 83.0 in November, down 14.1 percent from the previous month. The drop marked the steepest monthly decline since March 2012, a span of 13 years and eight months.

The sharp fall was largely attributed to base effects following a surge in October sales tied to the Chuseok holiday. The continued expansion of online grocery platforms, including Coupang, also weighed on offline sales. Decisions by Homeplus to suspend operations at several locations were cited as another contributing factor.