November 29, 2016 / 2:00 AM / in a year

S.Korea Oct dept store sales rise at fastest pace in 3 mths

SEOUL, Nov 29 (Reuters) - Sales at South Korea’s department stores in October rose at their fastest pace in three months thanks to a nationwide government-led discount sales event, the Ministry of Trade, Industry and Energy said on Tuesday.

Combined sales at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co rose 6.0 percent from a year earlier last month - the biggest gain since a 7.0 percent rise in July.

In September, sales rose 4.1 percent.

The trade ministry said household items saw the biggest increase in sales among products sold in department stores, jumping 15.6 percent on-year in October.

Starting from last year, the government decided to set a period for large-scale discount sales by nearly all major retailers to boost consumer spending, similar to Black Friday and Cyber Monday that take place after the Thanksgiving holiday in the United States.

Tuesday’s data also showed discount store sales in October rose 0.9 percent from a year earlier, rebounding from two months of falls.

Convenience stores continued to see steady demand for their goods as October sales rose 15.5 percent on-year, slowing just slightly from a 15.9 percent gain in September. (Reporting by Christine Kim)

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