Offline retail sales jump 14% in February on holiday shopping

Revenue of offline retail companies jumped 14.1 percent from a year earlier in February, driven by robust consumption demand fueled by the Lunar New Year holiday, government data showed Wednesday. Supermarkets reported 15.1 percent on-year growth in sales thanks to high demand for groceries, attributable to the traditional holiday that fell in mid-February, the Ministry of Trade, Industry and Resources said. It marked the first time since October supermarkets posted on-year growth in sales. Department stores enjoyed a 25.6 percent surge in revenue thanks to a sharp increase in sales of food and fashion items, extending their winning streak to eight months. Revenue of convenience stores went up 8.1 percent, also for the eighth straight month, on strong demand for processed food products. Major online retail platforms saw their revenue gain 3.9 percent, led by growth in grocery and cosmetics sales. Overall revenue of offline and online retailers grew 7.9 percent on-year in February.

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