Department store sales share South Korea 2023, by product

In 2023, sales of luxury brands accounted for around 32 percent of total sales made by department stores in South Korea. It was followed by the food sector and the household item. Represented by Lotte, Hyundai, and Shinsegae, department stores took up about 17 percent of the total retail sector in the country.

The department store triangle

Lotte, Shinsegae, and Hyundai are the leading department store brands in South Korea and are well perceived by local customers. All three consistently rank among the most frequently visited department stores and run a large share of such stores in the country. With their parent companies being some of the biggest South Korean conglomerates, these brands are highly recognizable to consumers.

Luxury goods on the rise

Illustrated by a sizeable growth of the industry’s market, luxury items have become increasingly popular among South Koreans, as they are purchased by a fair share of consumers. As a country boasting an affluent and highly materialistic society with an affinity for wealth, South Korea represents an ideal market for the industry. Today, South Koreans are some of the highest per capita spenders on luxury goods globally. In view of these developments, said goods have become a major source of attraction for department store chains and have recorded a rising share in overall sales in such stores.