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[Alpha Biz=(Chicago) Reporter Kim Jisun] Convenience stores have caught up with the sales volume of large discount stores, and even department stores are closely chasing them.
According to a report compiled by the Ministry of Trade, Industry and Energy on the 15th, the proportion of offline sales (product and service transactions) of major retailers in the first half of this year was 50.2%, of which convenience stores accounted for 16.6%. It was 3.3 percentage points higher than large marts (13.3 percent), and the gap with leading department stores (17.6 percent) narrowed to 1 percentage point. On an annual basis last year, department stores accounted for 17.8%, convenience stores 16.2%, and large discount stores 14.5%.
The sales trend of retailers, which is disclosed every month by the Ministry of Trade, Industry and Energy, is based on three department stores such as Lotte, Shinsegae, and Hyundai, three convenience stores such as GS25·CU· 7-Eleven, and three large retailers such as E-Mart, Homeplus, and Lotte Mart.
Convenience stores are expanding their business with a high growth rate of nearly 10% this year following last year. On the other hand, sales growth at department stores, which reached 15.7 percent due to benefits from easing COVID-19 distance last year, fell to the 2 percent level because consumers closed their wallets at department stores due to high interest rates and high prices.
Convenience stores ranked second for the second consecutive year after surpassing large discount stores (15.7%) for the first time with 15.9% of sales in 2021.
For department stores, Lotte Department Store, which ranks first in overall sales, posted sales of 1.618 trillion won and operating profit of 197 billion won in the first half of this year. Shinsegae Department Store followed with sales of KRW 1.2493 trillion and operating profit of KRW 202.4 billion.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
