Summary

In 2022, the full lifting of social-distancing measures and the outdoor mask mandate helped both retail e-commerce and retail offline post healthy sales growth rates in this year. Among retail offline channels, department stores was one of the most dynamic, as store renewals and luxury marketing to attract young and rich consumers proved to be successful strategies. Convenience stores continued to post faster value sales growth than hypermarkets and supermarkets, as convenience stores are expand...

Euromonitor International's Retail in South Korea report offers insight into key trends and developments driving the industry. The report examines all retail channels to provide sector insight. Channels include hypermarkets, supermarkets, discounters, convenience stores, mixed retailers, health and beauty retailers, clothing and footwear retailers, furniture and furnishing stores, DIY and hardware stores, durable goods retailers, leisure and personal goods retailers. There are profiles of leading retailers, with analysis of their performance and the challenges they face. There is also analysis of non-store retailing: vending; homeshopping; internet retailing; direct selling, as available.

Product coverage: Retail E-Commerce, Retail Offline.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

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* Get a detailed picture of the Retail market;
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Table of Contents

Retail in South Korea
Euromonitor International
April 2023

List Of Contents And Tables

RETAIL IN SOUTH KOREA
EXECUTIVE SUMMARY
Retail in 2022: The big picture
Quick commerce and fresh food are retailers’ key strategic focuses
Specialist stores are evolving into “total lifestyle” stores
What next for retail?
OPERATING ENVIRONMENT
Informal retail
Opening hours for physical retail
Summary 1 Standard Opening Hours by Channel Type 2022
Seasonality
Summer Sale
Korea Sale Festa
MARKET DATA
Table 1 Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2017-2022
Table 2 Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2017-2022
Table 3 Sales in Retail Offline by Channel: Value 2017-2022
Table 4 Sales in Retail Offline by Channel: % Value Growth 2017-2022
Table 5 Retail Offline Outlets by Channel: Units 2017-2022
Table 6 Retail Offline Outlets by Channel: % Unit Growth 2017-2022
Table 7 Sales in Retail E-Commerce by Product: Value 2017-2022
Table 8 Sales in Retail E-Commerce by Product: % Value Growth 2017-2022
Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2017-2022
Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 11 Sales in Grocery Retailers by Channel: Value 2017-2022
Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2017-2022
Table 13 Grocery Retailers Outlets by Channel: Units 2017-2022
Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2017-2022
Table 15 Non-Grocery Retailers: Value Sales, Outlets and Selling Space 2017-2022
Table 16 Non-Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 17 Sales in Non-Grocery Retailers by Channel: Value 2017-2022
Table 18 Sales in Non-Grocery Retailers by Channel: % Value Growth 2017-2022
Table 19 Non-Grocery Retailers Outlets by Channel: Units 2017-2022
Table 20 Non-Grocery Retailers Outlets by Channel: % Unit Growth 2017-2022
Table 21 Retail GBO Company Shares: % Value 2018-2022
Table 22 Retail GBN Brand Shares: % Value 2019-2022
Table 23 Retail Offline GBO Company Shares: % Value 2018-2022
Table 24 Retail Offline GBN Brand Shares: % Value 2019-2022
Table 25 Retail Offline LBN Brand Shares: Outlets 2019-2022
Table 26 Retail E-Commerce GBO Company Shares: % Value 2018-2022
Table 27 Retail E-Commerce GBN Brand Shares: % Value 2019-2022
Table 28 Grocery Retailers GBO Company Shares: % Value 2018-2022
Table 29 Grocery Retailers GBN Brand Shares: % Value 2019-2022
Table 30 Grocery Retailers LBN Brand Shares: Outlets 2019-2022
Table 31 Non-Grocery Retailers GBO Company Shares: % Value 2018-2022
Table 32 Non-Grocery Retailers GBN Brand Shares: % Value 2019-2022
Table 33 Non-Grocery Retailers LBN Brand Shares: Outlets 2019-2022
Table 34 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2022-2027
Table 35 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2022-2027
Table 36 Forecast Sales in Retail Offline by Channel: Value 2022-2027
Table 37 Forecast Sales in Retail Offline by Channel: % Value Growth 2022-2027
Table 38 Forecast Retail Offline Outlets by Channel: Units 2022-2027
Table 39 Forecast Retail Offline Outlets by Channel: % Unit Growth 2022-2027
Table 40 Forecast Sales in Retail E-Commerce by Product: Value 2022-2027
Table 41 Forecast Sales in Retail E-Commerce by Product: % Value Growth 2022-2027
Table 42 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 43 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
Table 44 Forecast Sales in Grocery Retailers by Channel: Value 2022-2027
Table 45 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2022-2027
Table 46 Forecast Grocery Retailers Outlets by Channel: Units 2022-2027
Table 47 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2022-2027
Table 48 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 49 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
Table 50 Forecast Sales in Non-Grocery Retailers by Channel: Value 2022-2027
Table 51 Forecast Sales in Non-Grocery Retailers by Channel: % Value Growth 2022-2027
Table 52 Forecast Non-Grocery Retailers Outlets by Channel: Units 2022-2027
Table 53 Forecast Non-Grocery Retailers Outlets by Channel: % Unit Growth 2022-2027
DISCLAIMER
SOURCES
Summary 2 Research Sources
CONVENIENCE RETAILERS IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
Continued healthy growth for convenience stores as all social-distancing rules are lifted
Competition remains strong between new leader CH and GS25
Convenience stores expanding their service scope to attract a wider range of consumers
PROSPECTS AND OPPORTUNITIES
Changing consumer shopping behaviour will help drive further growth at convenience retailers
Stores with hybrid operation, including unstaffed night shifts, seen as a good cost-cutting measure
Quick commerce expected to remain a key strategic focus
CHANNEL DATA
Table 54 Convenience Retailers: Value Sales, Outlets and Selling Space 2017-2022
Table 55 Convenience Retailers: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 56 Sales in Convenience Retailers by Channel: Value 2017-2022
Table 57 Sales in Convenience Retailers by Channel: % Value Growth 2017-2022
Table 58 Convenience Retailers GBO Company Shares: % Value 2018-2022
Table 59 Convenience Retailers GBN Brand Shares: % Value 2019-2022
Table 60 Convenience Retailers LBN Brand Shares: Outlets 2019-2022
Table 61 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 62 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
Table 63 Forecast Sales in Convenience Retailers by Channel: Value 2022-2027
Table 64 Forecast Sales in Convenience Retailers by Channel: % Value Growth 2022-2027
DISCOUNTERS IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
No Brand recording growth as consumers turn to value-for-money private label in the economic downturn
No Brand puts efforts into attracting consumers with trendy yet economical SKUs
No Brand introduces a retail-bank hybrid outlet
PROSPECTS AND OPPORTUNITIES
High barriers hinder new players from entering the channel
Major retailers likely to leverage warehouse clubs as an alternative revenue channel to counter sales slowdown amid economic downturn
CostCo to open its first outlet in the southeastern part of South Korea in 2024
CHANNEL DATA
Table 65 Discounters: Value Sales, Outlets and Selling Space 2017-2022
Table 66 Discounters: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 67 Discounters GBO Company Shares: % Value 2018-2022
Table 68 Discounters GBN Brand Shares: % Value 2019-2022
Table 69 Discounters LBN Brand Shares: Outlets 2019-2022
Table 70 Discounters Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 71 Discounters Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
HYPERMARKETS IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
Sales stagnating at hypermarkets in 2022 due to competition from convenience stores and operating restrictions
Current economic constraints see retailers choosing “outlet renewals” over new store openings
“Half-price” sales rise as a key marketing tactic to attract cost-conscious consumers
PROSPECTS AND OPPORTUNITIES
Private label home meal replacements expected to be a key sales development area at hypermarkets
Hypermarkets to increase the use of local produce and diversify sourcing markets due to the weak won
National discussion on the relaxation of the Sunday closure mandate expected to continue
CHANNEL DATA
Table 72 Hypermarkets: Value Sales, Outlets and Selling Space 2017-2022
Table 73 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 74 Hypermarkets GBO Company Shares: % Value 2018-2022
Table 75 Hypermarkets GBN Brand Shares: % Value 2019-2022
Table 76 Hypermarkets LBN Brand Shares: Outlets 2019-2022
Table 77 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 78 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
SUPERMARKETS IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
Supermarkets suffer from losing a competitive edge against convenience stores, hypermarkets and e-commerce
Leading retailers could expand their outlet networks to establish a wider reach for their quick-commerce services
Market-testing for bank-retail hybrid outlets begins
PROSPECTS AND OPPORTUNITIES
The profit potential of quick commerce remains to seen
Naver to enter the quick-commerce market in partnership with supermarkets
Homeplus Express outlets revamped to become fresh food and ready meal specialists
CHANNEL DATA
Table 79 Supermarkets: Value Sales, Outlets and Selling Space 2017-2022
Table 80 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 81 Supermarkets GBO Company Shares: % Value 2018-2022
Table 82 Supermarkets GBN Brand Shares: % Value 2019-2022
Table 83 Supermarkets LBN Brand Shares: Outlets 2019-2022
Table 84 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 85 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
SMALL LOCAL GROCERS IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
Small local grocers continue to struggle due to consumers shifting to modern retailing and e-commerce
Regional governments’ efforts to revitalise small local grocers continue
E-com giant Coupang supporting small local grocers with digitalisation and delivery
PROSPECTS AND OPPORTUNITIES
Difficult outlook for small local grocers despite government-led support
Coupang’s support for small local grocers will further expand via partnerships with the government
NACUFOK’s new initiative is expected to help boost the revitalisation of traditional markets
CHANNEL DATA
Table 86 Small Local Grocers: Value Sales, Outlets and Selling Space 2017-2022
Table 87 Small Local Grocers: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 88 Small Local Grocers GBO Company Shares: % Value 2018-2022
Table 89 Small Local Grocers GBN Brand Shares: % Value 2019-2022
Table 90 Small Local Grocers LBN Brand Shares: Outlets 2019-2022
Table 91 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 92 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
APPAREL AND FOOTWEAR SPECIALISTS IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
Further recovery as pandemic restrictions are fully lifted and consumers resume outdoor activities
Sports apparel and footwear are key drivers for sales expansion
Standalone boutiques are losing ground to department stores in luxury brands
PROSPECTS AND OPPORTUNITIES
Macroeconomic issues will remain key constraints to growth in the immediate future
Private label lines from e-commerce players and hypermarkets a threat to apparel and footwear specialists
Growth in golf apparel and footwear sales likely to decline due to the waning popularity of the sport among Gen Z consumers
CHANNEL DATA
Table 93 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space 2017-2022
Table 94 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 95 Apparel and Footwear Specialists GBO Company Shares: % Value 2018-2022
Table 96 Apparel and Footwear Specialists GBN Brand Shares: % Value 2019-2022
Table 97 Apparel and Footwear Specialists LBN Brand Shares: Outlets 2019-2022
Table 98 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 99 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
APPLIANCES AND ELECTRONICS SPECIALISTS IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
Appliances and electronics specialists continuing to lose sales to e-commerce and department stores
Specialists are evolving into “total living retailers” to expand customer touchpoints
Grocery retailer Homeplus launches small appliances specialist Electronics Lounge to enhance its competitiveness against rivals Lotte and E-Mart
PROSPECTS AND OPPORTUNITIES
Specialist chains are undergoing restructuring for cost-management purposes in a declining channel
Small kitchen appliances will drive sales as consumers cut down on dining-out costs and replicate restaurant/café experiences at home
Specialists will promote their private label lines to compete on price with online retailers
CHANNEL DATA
Table 100 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space 2017-2022
Table 101 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 102 Appliances and Electronics Specialists GBO Company Shares: % Value 2018-2022
Table 103 Appliances and Electronics Specialists GBN Brand Shares: % Value 2019-2022
Table 104 Appliances and Electronics Specialists LBN Brand Shares: Outlets 2019-2022
Table 105 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 106 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
HEALTH AND BEAUTY SPECIALISTS IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
Pharmacies driving sales due to the surge in Omicron cases
Olive Young continues to dominate health and personal care store sales, with competitors shutting down
Standalone outlets will continue to lose sales to department stores, health and personal care stores and e-commerce
PROSPECTS AND OPPORTUNITIES
Pharmacies growth to slow down as COVID-19 cases are declining
Olive Young to evolve into a “lifestyle store”, moving beyond just health and beauty
Variety store banner JAJU setting up a wellness specialist store network
CHANNEL DATA
Table 107 Health and Beauty Specialists: Value Sales, Outlets and Selling Space 2017-2022
Table 108 Health and Beauty Specialists: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 109 Sales in Health and Beauty Specialists by Channel: Value 2017-2022
Table 110 Sales in Health and Beauty Specialists by Channel: % Value Growth 2017-2022
Table 111 Health and Beauty Specialists GBO Company Shares: % Value 2018-2022
Table 112 Health and Beauty Specialists GBN Brand Shares: % Value 2019-2022
Table 113 Health and Beauty Specialists LBN Brand Shares: Outlets 2019-2022
Table 114 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 115 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
Table 116 Forecast Sales in Health and Beauty Specialists by Channel: Value 2022-2027
Table 117 Forecast Sales in Health and Beauty Specialists by Channel: % Value Growth 2022-2027
HOME PRODUCTS SPECIALISTS IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
Sales decline with consumers spending less time at home and a stalling housing market
Homewares and home furnishing stores are losing sales to e-commerce players
Shinsegae’s Casamia opens a premium furniture store combined with an art gallery
PROSPECTS AND OPPORTUNITIES
Stalled housing market and tough economic climate will see sales continue declining in 2023
Naver planning to launch furniture fulfilment operations
IKEA to open a new outlet in Daegu
CHANNEL DATA
Table 118 Home Products Specialists: Value Sales, Outlets and Selling Space 2017-2022
Table 119 Home Products Specialists: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 120 Sales in Home Products Specialists by Channel: Value 2017-2022
Table 121 Sales in Home Products Specialists by Channel: % Value Growth 2017-2022
Table 122 Home Products Specialists GBO Company Shares: % Value 2018-2022
Table 123 Home Products Specialists GBN Brand Shares: % Value 2019-2022
Table 124 Home Products Specialists LBN Brand Shares: Outlets 2019-2022
Table 125 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 126 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
Table 127 Forecast Sales in Home Products Specialists by Channel: Value 2022-2027
Table 128 Forecast Sales in Home Products Specialists by Channel: % Value Growth 2022-2027
GENERAL MERCHANDISE STORES IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
Lifting of social-distancing and mask-mandate measures boosts apparel and beauty sales at general merchandise stores
Companies push through store renewals targeting “young and rich” consumers as the post-pandemic period begins
The “Very Important Baby” (VIB) trend contributes to boost department store sales despite economic constraints
PROSPECTS AND OPPORTUNITIES
The sales boom may be short-lived as the recession risks spread
Luxury brands to increasingly open single-category outlets within department stores to create multiple customer access points
Variety stores to focus on category expansion to diversify sales streams
CHANNEL DATA
Table 147 General Merchandise Stores: Value Sales, Outlets and Selling Space 2017-2022
Table 148 General Merchandise Stores: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 149 Sales in General Merchandise Stores by Channel: Value 2017-2022
Table 150 Sales in General Merchandise Stores by Channel: % Value Growth 2017-2022
Table 151 General Merchandise Stores GBO Company Shares: % Value 2018-2022
Table 152 General Merchandise Stores GBN Brand Shares: % Value 2019-2022
Table 153 General Merchandise Stores LBN Brand Shares: Outlets 2019-2022
Table 154 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 155 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
Table 156 Forecast Sales in General Merchandise Stores by Channel: Value 2022-2027
Table 157 Forecast Sales in General Merchandise Stores by Channel: % Value Growth 2022-2027
DIRECT SELLING IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
Only sluggish growth seen in 2022 as sales fail to recover to their pre-pandemic levels
Atomy begins early-morning delivery for fresh foods and HMRs
Amway Korea and its local production partner open a new facility for Nutrilite
PROSPECTS AND OPPORTUNITIES
Direct sellers need to find ways to attract younger customers
Able C&C, the owner of the K-beauty brand Michaa, enters direct selling
Direct sellers to further develop an ESG approach for their business
CHANNEL DATA
Table 129 Direct Selling by Product: Value 2017-2022
Table 130 Direct Selling by Product: % Value Growth 2017-2022
Table 131 Direct Selling GBO Company Shares: % Value 2018-2022
Table 132 Direct Selling GBN Brand Shares: % Value 2019-2022
Table 133 Direct Selling Forecasts by Product: Value 2022-2027
Table 134 Direct Selling Forecasts by Product: % Value Growth 2022-2027
VENDING IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
Healthy sales growth in 2022 as consumers resume outdoor activities post-pandemic
Options for vending are expanding, even covering meat and gold
Vending machines offering quick meals gaining traction among both consumers and operators
PROSPECTS AND OPPORTUNITIES
Hotel amenities vending machines to increase as the government introduces a ban on single-use amenities in hotels
OTC drug vending machines are entering a test stage before a decision is made on a full official roll-out
Vending machines to feature in unmanned conveniences stores
CHANNEL DATA
Table 135 Vending by Product: Value 2017-2022
Table 136 Vending by Product: % Value Growth 2017-2022
Table 137 Vending GBO Company Shares: % Value 2018-2022
Table 138 Vending GBN Brand Shares: % Value 2019-2022
Table 139 Vending Forecasts by Product: Value 2022-2027
Table 140 Vending Forecasts by Product: % Value Growth 2022-2027
RETAIL E-COMMERCE IN SOUTH KOREA
KEY DATA FINDINGS
2022 DEVELOPMENTS
E-commerce continues to grow
Sales are increasingly centralised among the big three e-commerce giants
E-tailers focus on luxury and beauty as the sales momentum from COVID-19 begins to wane
PROSPECTS AND OPPORTUNITIES
Cross-border e-commerce to act as a new sales driver in the post-pandemic period
Fulfilment capacity will be a key competitive tool among the big three e-commerce giants
Video streaming platforms to grow live commerce as a key strategic feature
CHANNEL DATA
Table 141 Retail E-Commerce by Product and Category: Value 2017-2022
Table 142 Retail E-Commerce by Product and Category: % Value Growth 2017-2022
Table 143 Retail E-Commerce GBO Company Shares: % Value 2018-2022
Table 144 Retail E-Commerce GBN Brand Shares: % Value 2019-2022
Table 145 Forecast Retail E-Commerce by Product and Category: Value 2022-2027
Table 146 Forecast Retail E-Commerce by Product and Category: % Value Growth 2022-2027