Lotte Department Store (Image courtesy of Lotte Depatment Store) SEOUL, Aug. 19 (Korea Bizwire) – As South Korean department stores struggle with sluggish consumer spending due to high inflation, sports merchandise sections have become an unexpected source of growth. According to reports from the country’s three major department store chains on August 18, sales in their sports categories increased by approximately 10% in the first half of this year compared to the same period last year, significantly outpacing overall department store sales growth.
Lotte Department Store reported a 10% increase in sports sales for both the first and second quarters of 2024. This growth stands in stark contrast to the company’s overall sales growth, which was limited to 1.4% in the first quarter and 0.
7% in the second quarter. The monthly sales growth rate for sports merchandise at Lotte dipped to 5% last month but surged to 20% in the first 12 days of August. Shinsegae Department Store also saw impressive growth in its sports category, with sales increasing by 11.
6% and 11.9% in the first and second quarters, respectively. These figures far exceed the company’s overall sales growth of 7% and 2.
1% for the same periods. Notably, sports sales even outperformed the traditionally strong luxury goods sector, which saw growth of 10.1% in the first quarter and 7.
8% in the second quarter. Lotte Department Store recently reopened its sports and leisure section at its flagship store in Seoul. (I.
