Department stores in Seoul, Busan enjoy sales surge in Q2 on brisk luxury good sales

Department stores in Seoul and Busan each enjoyed a 25.4% and 20.5% surge in sales in the second quarter on strong demand for luxury goods in stark contrast to the poor sales in other retail outlets such as supermarkets and convenience stores in 12 out 16 regions across Korea, Statistics Korea data showed Monday. In May alone, luxury foreign brands’ sales at department stores jumped 36.6%, leading a 19.1% on-month gain in overall department stores’ sales. Luxury brands Hermes, Louis Vuitton, and Chanel raised a combined 2.4 trillion won ($2.1 billion) in revenue in the country last year, up 30% from the previous year.

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