Reported retail sales in South Korea’s largest department stores rebounded in February from the dismal January figures.
Analysts say the turnaround is related to the later timing of Lunar New Year in 2105 – the same reason given last week for a 14 per cent plunge in Hong Kong retail sales in January.
The Lunar New Year, a typically strong season for retail sales given the associated holiday season, occurred in January in 2014 and in February this year.
South Korea’s Finance Ministry says combined sales at department stores owned by Lotte Shopping, Shinsegae Co and Hyundai Department Store rose by 7.1 per cent year-on-year.
This was the biggest rise since August last year when sales increased by 10.5 per cent.
It follows a drop of 11 per cent in January, the worst drop on record.
South Korea retail sales at discount stores gained a stunning 30.5 per cent year-on-year after an 18.3 per cent slump in January, which was the worst drop in 11 months.
