Retail sales gain 6.3 pct in July on growing demand for online platforms

Retail sales in South Korea rose 6.3 percent on-year in July on the back of strong performances of online platforms, though offline stores logged a sales decline amid unfavorable weather conditions, the industry ministry said Tuesday. The combined sales of 23 major offline and online retailers came to 14.8 trillion won (US$11.13 billion) last month, compared with 13.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales on online platforms advanced 16.9 percent to 7.57 trillion won as online shopping for daily necessities and services has become commonplace. In detail, food sales on online platforms went up 21 percent, and demand for services soared 61.6 percent in July. Online platforms have reported double-digit sales growth since September 2023. Source: Yonhap News Agency