High prices and department stores are polarized...Top 12 Store Transactions More Than Half

The polarization among department store stores intensified last year as consumer sentiment shrank in the wake of high interest rates and high prices.

Last year, 68 major department stores, including Lotte, Shinsegae, Hyundai, Galleria, and AK, recorded 39.8 trillion won, up 0.9% from a year earlier.

A total of 12 stores, including four Shinsegae and Hyundai stores, three Lotte stores, and one Galleria, have achieved KRW 1 trillion in transactions, of which nine are stores in the metropolitan area.

The transactions of these top 12 stores amounted to 21.93 trillion won, accounting for 53% of the total transactions.

Of the remaining 56 stores, 80% have grown reversely, and most of them are located in small and medium-sized cities in the province.