South Korean department stores will no longer postpone their sales programs due to the coronavirus pandemic.
In a move analysts say is aimed at restoring turnover as the coronavirus essentially comes under control in the country, stores are looking to restore volumes which plunged last month.
Top department stores are under pressure to clear seasonal stock after drops of 10 and 20 percent in year-on-year sales in February and March respectively.
“The most important thing is when the new coronavirus will die out here,” Eugene Investment analyst Joo Young-hoon told the Korea Times. “As soon as Korea overcomes it, the sales of department stores here will rebound faster than that of any other sectors,” he said.
South Korean department stores are expected to resume their expected sales events over the coming fortnight, after delays in the midst of the coronavirus outbreak and called to implement social distancing.
The stores are running various promotional programs to attract customers while at the same time attempting to spread out visits to prevent crowds and the risk of viral transmission.
Industry analysts have predicted a strong bounce-back in the region’s retail sector once the pandemic recedes.
Meanwhile, in Japan, department store operators have reported their worst year-on-year sales declines on record.
J.Front Retailing said sales at its Daimaru Matsuzakaya department store chain fell by 43 percent last month, while rival Takashimaya reported a 36-per-cent fall.