Sales in the South Korea retail market grew at a CAGR of 4.35% during 2007-2012 and expected to grow with a CAGR of over 4.68% during the forecast period. According to the Strategy and Finance ministry of South Korea, the country's economic growth in 2013 is forecast at 3%, lower than the 3.6% projected by the IMF, and 3.2% by the Bank of Korea.
General retailers was the largest channel group with hypermarkets, supermarkets and hard-discounters recording the highest sales among the various channels under the general retailers channel group. The convenience stores (including independents) and gas stations channel recorded the second highest sales.
Consumers' growing preference for private label brands threatens national brands. As of May 2012, private-label products represent more than 25% of the total retail sales of Korea's three major discount chains: E-Mart, Home plus, and Lotte Mart.
For more information on the South Korea retailing market, please click here: South Korea retailing market
Find us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.