Mixed retailers increased by 5% in value terms in 2016 and department stores were a major contributor to the positive performance. Major department stores such as Lotte and Shinsegae managed to attract consumers in 2016 by featuring well-known food establishments. The increased traffic has benefited sales of products in department stores as consumers tend to stroll around the shopping sections after their meals.
Lotte Shopping Co Ltd led mixed retailing with a value share of 36% in 2016. However, its value share decreased due to a slip in brand image. Moreover, as the company is under a prosecutor’s investigation regarding financial corruption, there was a lapse in terms of marketing activities.
Developments by major department stores will spur sales growth for mixed retailers over the forecast period. Shinsegae Group and Lotte Group have further plans to build mega shopping centres over the short term and this is expected to give rise to more department stores and warehouse clubs.
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This industry report originates from Passport, our Retailing market research database.