Korea : Monthly Dept Store Sales Fall Again

Monthly department store sales fell for the seventh consecutive time last month as South Koreans kept a tight grip on their money, the government revealed Tuesday.

Statistics compiled by the Ministry of Commerce, Industry and Energy showed sales at department stores fell four per cent in August from the year-ago period, although the fall was less than the 11.8 per cent plunge in July.

Ministry spokesman Kim Sung-Hwan added the number of people visiting department stores slipped 1.4 per cent year-on-year while the average price of items bought also fell.

"Sales at both department and discount stores are forecast to continue their downturn in September, by 5.4 per cent and 1.2 per cent, respectively, due to frozen consumer sentiment," he warned.