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Retail in South Korea

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    Report

  • 110 Pages
  • March 2025
  • Region: South Korea
  • Euromonitor International
  • ID: 4663253
Retail in South Korea saw continued solid current value growth in 2024. Although retail offline maintained low growth, the main growth driver was retail e-commerce. Within offline retail, non-grocery retailers saw slightly stronger growth than grocery retailers.

The 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.

Why buy this report?

  • Get a detailed picture of the Retail market;
  • Pinpoint growth sectors and identify factors driving change;
  • Understand the competitive environment, the market’s major players and leading brands;
  • Use five-year forecasts to assess how the market is predicted to develop.

Table of Contents

EXECUTIVE SUMMARY
  • Retail in 2024: The big picture
  • Competition for fast delivery in South Korea
  • Convenience stores are evolving into lifestyle platforms
  • What next for retail?
OPERATING ENVIRONMENT
  • Informal retail
  • Opening hours for physical retail
  • Summary 1 Standard Opening Hours by Channel Type 2024
  • Seasonality
  • Summer Sale
  • Black Friday/Korea Sale Festa
MARKET DATA
  • Table 1 Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2019-2024
  • Table 2 Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2019-2024
  • Table 3 Sales in Retail Offline by Channel: Value 2019-2024
  • Table 4 Sales in Retail Offline by Channel: % Value Growth 2019-2024
  • Table 5 Retail Offline Outlets by Channel: Units 2019-2024
  • Table 6 Retail Offline Outlets by Channel: % Unit Growth 2019-2024
  • Table 7 Sales in Retail E-Commerce by Product: Value 2019-2024
  • Table 8 Sales in Retail E-Commerce by Product: % Value Growth 2019-2024
  • Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2019-2024
  • Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2019-2024
  • Table 11 Sales in Grocery Retailers by Channel: Value 2019-2024
  • Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2019-2024
  • Table 13 Grocery Retailers Outlets by Channel: Units 2019-2024
  • Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2019-2024
  • Table 15 Non-Grocery Retailers: Value Sales, Outlets and Selling Space 2019-2024
  • Table 16 Non-Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2019-2024
  • Table 17 Sales in Non-Grocery Retailers by Channel: Value 2019-2024
  • Table 18 Sales in Non-Grocery Retailers by Channel: % Value Growth 2019-2024
  • Table 19 Non-Grocery Retailers Outlets by Channel: Units 2019-2024
  • Table 20 Non-Grocery Retailers Outlets by Channel: % Unit Growth 2019-2024
  • Table 21 Retail GBO Company Shares: % Value 2020-2024
  • Table 22 Retail GBN Brand Shares: % Value 2021-2024
  • Table 23 Retail Offline GBO Company Shares: % Value 2020-2024
  • Table 24 Retail Offline GBN Brand Shares: % Value 2021-2024
  • Table 25 Retail Offline LBN Brand Shares: Outlets 2021-2024
  • Table 26 Retail E-Commerce GBO Company Shares: % Value 2020-2024
  • Table 27 Retail E-Commerce GBN Brand Shares: % Value 2021-2024
  • Table 28 Grocery Retailers GBO Company Shares: % Value 2020-2024
  • Table 29 Grocery Retailers GBN Brand Shares: % Value 2021-2024
  • Table 30 Grocery Retailers LBN Brand Shares: Outlets 2021-2024
  • Table 31 Non-Grocery Retailers GBO Company Shares: % Value 2020-2024
  • Table 32 Non-Grocery Retailers GBN Brand Shares: % Value 2021-2024
  • Table 33 Non-Grocery Retailers LBN Brand Shares: Outlets 2021-2024
  • Table 34 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2024-2029
  • Table 35 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2024-2029
  • Table 36 Forecast Sales in Retail Offline by Channel: Value 2024-2029
  • Table 37 Forecast Sales in Retail Offline by Channel: % Value Growth 2024-2029
  • Table 38 Forecast Retail Offline Outlets by Channel: Units 2024-2029
  • Table 39 Forecast Retail Offline Outlets by Channel: % Unit Growth 2024-2029
  • Table 40 Forecast Sales in Retail E-Commerce by Product: Value 2024-2029
  • Table 41 Forecast Sales in Retail E-Commerce by Product: % Value Growth 2024-2029
  • Table 42 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2024-2029
  • Table 43 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
  • Table 44 Forecast Sales in Grocery Retailers by Channel: Value 2024-2029
  • Table 45 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2024-2029
  • Table 46 Forecast Grocery Retailers Outlets by Channel: Units 2024-2029
  • Table 47 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2024-2029
  • Table 48 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2024-2029
  • Table 49 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
  • Table 50 Forecast Sales in Non-Grocery Retailers by Channel: Value 2024-2029
  • Table 51 Forecast Sales in Non-Grocery Retailers by Channel: % Value Growth 2024-2029
  • Table 52 Forecast Non-Grocery Retailers Outlets by Channel: Units 2024-2029
  • Table 53 Forecast Non-Grocery Retailers Outlets by Channel: % Unit Growth 2024-2029
DISCLAIMER
SOURCES
  • Summary 2 Research Sources
CONVENIENCE RETAILERS IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Convenience retailers is a mainstream retail channel for offline shoppers
  • Korea Seven completes the process of integrating Ministop
  • Convenience retailers’ subscription services gain popularity amidst inflation
PROSPECTS AND OPPORTUNITIES
  • Convenience stores set to see a slowdown in retail value growth in 2025
  • Value for money products will continue to be offered by convenience retailers
  • Fast-changing trends in convenience retailers through various collaborations
CHANNEL DATA
  • Table 54 Convenience Retailers: Value Sales, Outlets and Selling Space 2019-2024
  • Table 55 Convenience Retailers: Value Sales, Outlets and Selling Space: % Growth 2019-2024
  • Table 56 Sales in Convenience Retailers by Channel: Value 2019-2024
  • Table 57 Sales in Convenience Retailers by Channel: % Value Growth 2019-2024
  • Table 58 Convenience Retailers GBO Company Shares: % Value 2020-2024
  • Table 59 Convenience Retailers GBN Brand Shares: % Value 2021-2024
  • Table 60 Convenience Retailers LBN Brand Shares: Outlets 2021-2024
  • Table 61 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space 2024-2029
  • Table 62 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
  • Table 63 Forecast Sales in Convenience Retailers by Channel: Value 2024-2029
  • Table 64 Forecast Sales in Convenience Retailers by Channel: % Value Growth 2024-2029
DISCOUNTERS IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Value growth for discounters in 2024, despite falling outlet numbers
  • Discounters remains a niche channel in South Korea
  • No Brand’s dominance of discounters
PROSPECTS AND OPPORTUNITIES
  • Continued growth expected for discounters, although from a low base
  • Warehouse clubs likely to hamper growth for discounters
  • E-Mart set to expand No Brand stand-alone stores
CHANNEL DATA
  • Table 65 Discounters: Value Sales, Outlets and Selling Space 2019-2024
  • Table 66 Discounters: Value Sales, Outlets and Selling Space: % Growth 2019-2024
  • Table 67 Discounters GBO Company Shares: % Value 2020-2024
  • Table 68 Discounters GBN Brand Shares: % Value 2021-2024
  • Table 69 Discounters LBN Brand Shares: Outlets 2021-2024
  • Table 70 Discounters Forecasts: Value Sales, Outlets and Selling Space 2024-2029
  • Table 71 Discounters Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
HYPERMARKETS IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Hypermarkets have challenges achieving notable revenue growth
  • The biggest players (E-mart, Lotte Mart, and Homeplus) open no new outlets in 2024
  • Regulations hinder the growth of hypermarkets
PROSPECTS AND OPPORTUNITIES
  • Hypermarkets likely to continue to seek growth through specialised stores
  • Expansion of private label products anticipated in hypermarkets
  • More hypermarkets expected to offer quick commerce
CHANNEL DATA
  • Table 72 Hypermarkets: Value Sales, Outlets and Selling Space 2019-2024
  • Table 73 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2019-2024
  • Table 74 Hypermarkets GBO Company Shares: % Value 2020-2024
  • Table 75 Hypermarkets GBN Brand Shares: % Value 2021-2024
  • Table 76 Hypermarkets LBN Brand Shares: Outlets 2021-2024
  • Table 77 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2024-2029
  • Table 78 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
SUPERMARKETS IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Shifting consumer trend towards major supermarket chains
  • GS The Fresh leads outlet expansion in supermarkets
  • The growth of quick commerce in supermarkets
PROSPECTS AND OPPORTUNITIES
  • The rise of demand for supermarkets amidst increase in single-person households
  • Competition between grocery retail channels expected
  • Homeplus Express’s ongoing renewal to cater to single-person households
CHANNEL DATA
  • Table 79 Supermarkets: Value Sales, Outlets and Selling Space 2019-2024
  • Table 80 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2019-2024
  • Table 81 Supermarkets GBO Company Shares: % Value 2020-2024
  • Table 82 Supermarkets GBN Brand Shares: % Value 2021-2024
  • Table 83 Supermarkets LBN Brand Shares: Outlets 2021-2024
  • Table 84 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2024-2029
  • Table 85 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
SMALL LOCAL GROCERS IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Difficulties faced by small local grocers in South Korea amidst changing trends
  • Cities take action to revitalise traditional markets
PROSPECTS AND OPPORTUNITIES
  • Declining sales for small local grocers in 2025 and beyond
  • Continued move to alternative retail channels
  • Baemin collaboration creates new opportunities for small local grocers
CHANNEL DATA
  • Table 86 Small Local Grocers: Value Sales, Outlets and Selling Space 2019-2024
  • Table 87 Small Local Grocers: Value Sales, Outlets and Selling Space: % Growth 2019-2024
  • Table 88 Small Local Grocers GBO Company Shares: % Value 2020-2024
  • Table 89 Small Local Grocers GBN Brand Shares: % Value 2021-2024
  • Table 90 Small Local Grocers LBN Brand Shares: Outlets 2021-2024
  • Table 91 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space 2024-2029
  • Table 92 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
GENERAL MERCHANDISE STORES IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Sales of department stores up in 2024, but growth not as high as in previous years
  • Daiso Korea’s revenue soars in 2024 amidst economic challenges
  • Department stores transition into multifunctional cultural spaces
PROSPECTS AND OPPORTUNITIES
  • Sales of department stores expected to decline as luxury sales slow
  • Daiso expands its beauty range to capture value-seeking consumers
  • Department stores likely to continue to use pop-up stores to attract the MZ generation
CHANNEL DATA
  • Table 93 General Merchandise Stores: Value Sales, Outlets and Selling Space 2019-2024
  • Table 94 General Merchandise Stores: Value Sales, Outlets and Selling Space: % Growth 2019-2024
  • Table 95 Sales in General Merchandise Stores by Channel: Value 2019-2024
  • Table 96 Sales in General Merchandise Stores by Channel: % Value Growth 2019-2024
  • Table 97 General Merchandise Stores GBO Company Shares: % Value 2020-2024
  • Table 98 General Merchandise Stores GBN Brand Shares: % Value 2021-2024
  • Table 99 General Merchandise Stores LBN Brand Shares: Outlets 2021-2024
  • Table 100 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space 2024-2029
  • Table 101 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
  • Table 102 Forecast Sales in General Merchandise Stores by Channel: Value 2024-2029
  • Table 103 Forecast Sales in General Merchandise Stores by Channel: % Value Growth 2024-2029
APPAREL AND FOOTWEAR SPECIALISTS IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Fast fashion brands thrive amidst economic challenges
  • Polarisation in apparel and footwear specialists led by SPA (fast fashion) brands
  • Growth of the running trend impacts apparel and footwear specialists
PROSPECTS AND OPPORTUNITIES
  • Decline for apparel and footwear specialists in 2025, although growth likely to return
  • Growing market for children’s luxury clothing due to changes in consumer dynamics
  • Non-apparel specialists set to continue expanding into fashion retail
CHANNEL DATA
  • Table 104 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space 2019-2024
  • Table 105 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space: % Growth 2019-2024
  • Table 106 Apparel and Footwear Specialists GBO Company Shares: % Value 2020-2024
  • Table 107 Apparel and Footwear Specialists GBN Brand Shares: % Value 2021-2024
  • Table 108 Apparel and Footwear Specialists LBN Brand Shares: Outlets 2021-2024
  • Table 109 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space 2024-2029
  • Table 110 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
APPLIANCES AND ELECTRONICS SPECIALISTS IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Continued decline in sales for appliances and electronics specialists in 2024
  • ETLAND introduces LG Electronics subscription model
  • Hi-Mart offers cost-effective private label products
PROSPECTS AND OPPORTUNITIES
  • Only limited growth moving forward, due to strong competition from retail e-commerce
  • Lotte Hi-Mart to reinforce synergies between home appliances and furniture
  • LG Electronics accelerates experience marketing to attract more customers
CHANNEL DATA
  • Table 111 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space 2019-2024
  • Table 112 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space: % Growth 2019-2024
  • Table 113 Appliances and Electronics Specialists GBO Company Shares: % Value 2020-2024
  • Table 114 Appliances and Electronics Specialists GBN Brand Shares: % Value 2021-2024
  • Table 115 Appliances and Electronics Specialists LBN Brand Shares: Outlets 2021-2024
  • Table 116 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space 2024-2029
  • Table 117 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
HEALTH AND BEAUTY SPECIALISTS IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Growth for health and beauty specialists due to increased tourist traffic in 2024
  • Olive Young continues to leads health and beauty specialists in Korea
  • Sephora’s exit from the South Korean market in 2024
PROSPECTS AND OPPORTUNITIES
  • Despite growth, challenges expected for health and beauty specialists
  • Chicor and LOHB’s Plus revamp to attract customers
  • The decline of road shops in South Korea
CHANNEL DATA
  • Table 118 Health and Beauty Specialists: Value Sales, Outlets and Selling Space 2019-2024
  • Table 119 Health and Beauty Specialists: Value Sales, Outlets and Selling Space: % Growth 2019-2024
  • Table 120 Sales in Health and Beauty Specialists by Channel: Value 2019-2024
  • Table 121 Sales in Health and Beauty Specialists by Channel: % Value Growth 2019-2024
  • Table 122 Health and Beauty Specialists GBO Company Shares: % Value 2020-2024
  • Table 123 Health and Beauty Specialists GBN Brand Shares: % Value 2021-2024
  • Table 124 Health and Beauty Specialists LBN Brand Shares: Outlets 2021-2024
  • Table 125 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space 2024-2029
  • Table 126 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
  • Table 127 Forecast Sales in Health and Beauty Specialists by Channel: Value 2024-2029
  • Table 128 Forecast Sales in Health and Beauty Specialists by Channel: % Value Growth 2024-2029
HOME PRODUCTS SPECIALISTS IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Growth for home products specialists in 2024, especially pet shops and superstores
  • Sales of homewares and home furnishings increasingly move online
  • E-Mart’s Molly’s Pet Shop opens Starfield Suwon outlet
PROSPECTS AND OPPORTUNITIES
  • E-commerce set to continue to transform consumers’ purchasing behaviour
  • New Ikea outlet set to open in Seoul’s Godeok Biz Valley
  • Nitori expected to see growth in home products specialists in South Korea
CHANNEL DATA
  • Table 129 Home Products Specialists: Value Sales, Outlets and Selling Space 2019-2024
  • Table 130 Home Products Specialists: Value Sales, Outlets and Selling Space: % Growth 2019-2024
  • Table 131 Sales in Home Products Specialists by Channel: Value 2019-2024
  • Table 132 Sales in Home Products Specialists by Channel: % Value Growth 2019-2024
  • Table 133 Home Products Specialists GBO Company Shares: % Value 2020-2024
  • Table 134 Home Products Specialists GBN Brand Shares: % Value 2021-2024
  • Table 135 Home Products Specialists LBN Brand Shares: Outlets 2021-2024
  • Table 136 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space 2024-2029
  • Table 137 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
  • Table 138 Forecast Sales in Home Products Specialists by Channel: Value 2024-2029
  • Table 139 Forecast Sales in Home Products Specialists by Channel: % Value Growth 2024-2029
DIRECT SELLING IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Decline for direct selling in South Korea in 2024 as spending shifts
  • Health and beauty products lead direct selling
  • New Image International expands into South Korea with a health and wellness product
PROSPECTS AND OPPORTUNITIES
  • Projected decline for direct selling in South Korea in the early forecast period
  • Rising health awareness set to drive growth for consumer health direct selling
  • Nu Skin launches Smart Beauty Membership subscription programme
CHANNEL DATA
  • Table 140 Direct Selling by Product: Value 2019-2024
  • Table 141 Direct Selling by Product: % Value Growth 2019-2024
  • Table 142 Direct Selling GBO Company Shares: % Value 2020-2024
  • Table 143 Direct Selling GBN Brand Shares: % Value 2021-2024
  • Table 144 Direct Selling Forecasts by Product: Value 2024-2029
  • Table 145 Direct Selling Forecasts by Product: % Value Growth 2024-2029
VENDING IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Vending value sales continue to rise amidst increase in activities outside the home
  • Offline retailers expand speciality vending machines to attract customers
PROSPECTS AND OPPORTUNITIES
  • Competition set to contribute to decline in vending in 2025
  • The rise of unique vending machines likely to drive a return to growth
CHANNEL DATA
  • Table 146 Vending by Product: Value 2019-2024
  • Table 147 Vending by Product: % Value Growth 2019-2024
  • Table 148 Vending GBO Company Shares: % Value 2020-2024
  • Table 149 Vending GBN Brand Shares: % Value 2021-2024
  • Table 150 Vending Forecasts by Product: Value 2024-2029
  • Table 151 Vending Forecasts by Product: % Value Growth 2024-2029
RETAIL E-COMMERCE IN SOUTH KOREAKEY DATA FINDINGS
2024 DEVELOPMENTS
  • Continued growth for retail e-commerce in South Korea due to various advantages
  • The TMON and Wemakeprice crisis and its impact on the retail e-commerce landscape
  • Shinsegae and Alibaba form a strategic alliance for e-commerce expansion
PROSPECTS AND OPPORTUNITIES
  • Retail e-commerce set to see sustained growth in the forecast period
  • E-commerce delivery war: The rise of instant and fast delivery services
  • Expansion of luxury goods via e-commerce
CHANNEL DATA
  • Table 152 Retail E-Commerce by Channel: Value 2019-2024
  • Table 153 Retail E-Commerce by Channel: % Value Growth 2019-2024
  • Table 154 Retail E-Commerce by Product: Value 2019-2024
  • Table 155 Retail E-Commerce by Product: % Value Growth 2019-2024
  • Table 156 Retail E-Commerce GBO Company Shares: % Value 2020-2024
  • Table 157 Retail E-Commerce GBN Brand Shares: % Value 2021-2024
  • Table 158 Forecast Retail E-Commerce by Channel: Value 2024-2029
  • Table 159 Forecast Retail E-Commerce by Channel: % Value Growth 2024-2029
  • Table 160 Forecast Retail E-Commerce by Product: Value 2024-2029
  • Table 161 Forecast Retail E-Commerce by Product: % Value Growth 2024-2029