2014-04-21 20:51:03 - The Future of Retailing in South Korea to 2017 - a new market research report on companiesandmarkets.com
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.
In 2012, more than three quarters of the South Korean population between the ages of 10 and 40 years used the internet, symbolizing high internet user penetrations.
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