SOUTH KOREA. Duty-free retail sales nationwide (excluding inflight retail) rose +23.54% month-on-month in August to KRW1,243,406,321,870 (US$931 million) according to newly released Korea Duty Free Association figures.
The number of shoppers increased by +5.71% month-on-month to 2,498,123.
Sales to foreigners rose +31% month-on-month to KRW975,624,615,162 (US$730.4 million) on a customer base that was up by +7.7% to 852,594.
Downtown duty-free sales, so important historically in terms of the Chinese business, increased +28.82% to KRW987,166,711,860 (US$739 million). Airport sales rose +5.38% to KRS203,087,622,714 (US$152 million).
“August sales are still fluctuating as the retailers are struggling to balance between sales volume and profit improvement. Last year sales to foreigners in August increased somewhat from July, so this year’s increase seems a seasonal effect mixed with ongoing bulk sales,” a senior Korean travel retail executive told The Moodie Davitt Report.
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