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After showing fast growth over the past five years in terms of number of outlets, the growth of supermarkets is stagnating. In particular, major players Lotte Super and Homeplus are closing down some of their outlets that record sales losses to increase their profits.
Supermarkets used to be less affected by e-commerce compared to hypermarkets, however the impact is becoming more apparent, as South Korean consumers start to prefer buying smaller packages online while food and drink e-commerce players are providing delivery services within one day. Woowa Brothers, a foodservice delivery platform, launched B Mart in 2019, which aims to deliver food for one meal within 30-40 mins by building its own logistics sites across Seoul.
Lotte Super is the largest supermarket operator in South Korea and continues to lead the channel in 2019. However, it has started to close some of its outlets, namely those that do not record high enough sales, in an effort to restructure its retailing strategies under Lotte Group.
While other major players are struggling to open new outlets, GS Supermarket is able to enjoy growth taking more share from competitors with its food categories. GS Supermarket introduced four discounter outlets which provide lower price range items compared to its other regular outlets.
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Discover the latest market trends and uncover sources of future market growth for the Supermarkets industry in South Korea with research from Euromonitor's team of in-country analysts.
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If you're in the Supermarkets industry in South Korea, our research will save you time and money while empowering you to make informed, profitable decisions.
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This industry report originates from Passport, our Retailing market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.