As large retailing companies have opened big shopping complexes and premium outlets where consumers can shop, eat and engage in other activities, apparel and footwear specialist retailers have more opportunities to increase their sales. Shinsegae’s Starfield is planning to open more shopping complexes in various cities in 2019 and 2020 after successfully opening three complexes in Coex, Hanam and Goyang.
As fast fashion brands are attracting South Korean consumers with high quality at reasonable price, these fast fashion brands are gaining more value share. With economic downturn in South Korea, consumers are becoming more cautious about spending on apparel and footwear and seeking for value for money; fast fashion brands are thus becoming more popular compared to the traditional brands, particularly amongst the younger age group.
Moreover, apparel and footwear are popular categories that are selling online mainly due to the price difference. Offline stores usually set prices that are more expensive for the some products compared to what the same products cost on online shopping malls, as the cost of operating offline outlets is higher.
Whilst apparel and footwear specialist retailers is a highly fragmented channel, big-name brands such as E Land World and Uniqlo continue to lead the channel in South Korea. As these brands are located in larger shopping centres more as well as in city centre outlets, they are able to gain more shares.
As internet retailing is growing much faster than offline in the overall retailing industry, online players are becoming the biggest competitors to offline outlets. Internet retailing, especially via mobile platforms, is one of the fastest-growing channels in South Korea and it is adversely affecting offline sales.
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This industry report originates from Passport, our Retailing market research database.