Sales of large discount stores fall at fastest pace in over 13 yrs in November

Sales of large discount stores decreased at the sharpest pace in more than 13 years in November, government data showed Sunday. The retail sales index for large discount stores stood at 83 in November, down 14.1 percent from a month earlier, according to data from the Ministry of Data and Statistics. The retail sales index is a key economic indicator that tracks changes in consumer spending on goods by measuring monthly sales against the 2020 monthly average. The November drop marked the steepest monthly decline since March 2012, when the index fell 19.8 percent after the government imposed mandatory closure days on large discount stores to support smaller retailers. The ministry attributed the decline to a base effect stemming from a surge in shopping during the extended Chuseok holiday that fell in October, as well as a longer-term shift toward online shopping. Separate data from the statistics ministry showed that online shopping transactions rose 6.8 percent on-year to a record 24.2 trillion won ($16.7 billion) in November.