RETAIL IN SOUTH KOREAEXECUTIVE SUMMARY
- Retail in 2023: The big picture
- Omnichannel strategies drive strong performances
- Demographic impact on retail in South Korea
- What next for retail?
OPERATING ENVIRONMENT
- Informal retail
- Opening hours for physical retail
- Summary 1 Standard Opening Hours by Channel Type 2023
- Seasonality
- Summer Sale
- Black Friday/Korea Sale Festa
MARKET DATA
Table 1 Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2018-2023
Table 2 Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2018-2023
Table 3 Sales in Retail Offline by Channel: Value 2018-2023
Table 4 Sales in Retail Offline by Channel: % Value Growth 2018-2023
Table 5 Retail Offline Outlets by Channel: Units 2018-2023
Table 6 Retail Offline Outlets by Channel: % Unit Growth 2018-2023
Table 7 Sales in Retail E-Commerce by Product: Value 2018-2023
Table 8 Sales in Retail E-Commerce by Product: % Value Growth 2018-2023
Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2018-2023
Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 11 Sales in Grocery Retailers by Channel: Value 2018-2023
Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2018-2023
Table 13 Grocery Retailers Outlets by Channel: Units 2018-2023
Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2018-2023
Table 15 Non-Grocery Retailers: Value Sales, Outlets and Selling Space 2018-2023
Table 16 Non-Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 17 Sales in Non-Grocery Retailers by Channel: Value 2018-2023
Table 18 Sales in Non-Grocery Retailers by Channel: % Value Growth 2018-2023
Table 19 Non-Grocery Retailers Outlets by Channel: Units 2018-2023
Table 20 Non-Grocery Retailers Outlets by Channel: % Unit Growth 2018-2023
Table 21 Retail GBO Company Shares: % Value 2019-2023
Table 22 Retail GBN Brand Shares: % Value 2020-2023
Table 23 Retail Offline GBO Company Shares: % Value 2019-2023
Table 24 Retail Offline GBN Brand Shares: % Value 2020-2023
Table 25 Retail Offline LBN Brand Shares: Outlets 2020-2023
Table 26 Retail E-Commerce GBO Company Shares: % Value 2019-2023
Table 27 Retail E-Commerce GBN Brand Shares: % Value 2020-2023
Table 28 Grocery Retailers GBO Company Shares: % Value 2019-2023
Table 29 Grocery Retailers GBN Brand Shares: % Value 2020-2023
Table 30 Grocery Retailers LBN Brand Shares: Outlets 2020-2023
Table 31 Non-Grocery Retailers GBO Company Shares: % Value 2019-2023
Table 32 Non-Grocery Retailers GBN Brand Shares: % Value 2020-2023
Table 33 Non-Grocery Retailers LBN Brand Shares: Outlets 2020-2023
Table 34 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2023-2028
Table 35 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2023-2028
Table 36 Forecast Sales in Retail Offline by Channel: Value 2023-2028
Table 37 Forecast Sales in Retail Offline by Channel: % Value Growth 2023-2028
Table 38 Forecast Retail Offline Outlets by Channel: Units 2023-2028
Table 39 Forecast Retail Offline Outlets by Channel: % Unit Growth 2023-2028
Table 40 Forecast Sales in Retail E-Commerce by Product: Value 2023-2028
Table 41 Forecast Sales in Retail E-Commerce by Product: % Value Growth 2023-2028
Table 42 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 43 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 44 Forecast Sales in Grocery Retailers by Channel: Value 2023-2028
Table 45 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2023-2028
Table 46 Forecast Grocery Retailers Outlets by Channel: Units 2023-2028
Table 47 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2023-2028
Table 48 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 49 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 50 Forecast Sales in Non-Grocery Retailers by Channel: Value 2023-2028
Table 51 Forecast Sales in Non-Grocery Retailers by Channel: % Value Growth 2023-2028
Table 52 Forecast Non-Grocery Retailers Outlets by Channel: Units 2023-2028
Table 53 Forecast Non-Grocery Retailers Outlets by Channel: % Unit Growth 2023-2028
SOURCES
- Summary 2 Research Sources
2023 DEVELOPMENTS
- Four main brands dominate convenience retailers in South Korea
- Changes in convenience retailers based on consumer dynamics and behaviours
- Private label products strategically employed by convenience retailers
PROSPECTS AND OPPORTUNITIES
- Changes afoot in convenience retailers
- Convenience retailers diversify into new categories
- Convenience retailers embrace online to offline strategies in South Korea
CHANNEL DATA
Table 54 Convenience Retailers: Value Sales, Outlets and Selling Space 2018-2023
Table 55 Convenience Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 56 Sales in Convenience Retailers by Channel: Value 2018-2023
Table 57 Sales in Convenience Retailers by Channel: % Value Growth 2018-2023
Table 58 Convenience Retailers GBO Company Shares: % Value 2019-2023
Table 59 Convenience Retailers GBN Brand Shares: % Value 2020-2023
Table 60 Convenience Retailers LBN Brand Shares: Outlets 2020-2023
Table 61 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 62 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 63 Forecast Sales in Convenience Retailers by Channel: Value 2023-2028
Table 64 Forecast Sales in Convenience Retailers by Channel: % Value Growth 2023-2028
2023 DEVELOPMENTS
- The dominance of No Brand in discounters in South Korea
- No Brand rises in popularity amidst ongoing inflation
PROSPECTS AND OPPORTUNITIES
- Warehouse clubs set to hamper growth in discounters
- Challenges faced by E-Mart Traders due to paid membership
CHANNEL DATA
Table 65 Discounters: Value Sales, Outlets and Selling Space 2018-2023
Table 66 Discounters: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 67 Discounters GBO Company Shares: % Value 2019-2023
Table 68 Discounters GBN Brand Shares: % Value 2020-2023
Table 69 Discounters LBN Brand Shares: Outlets 2020-2023
Table 70 Discounters Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 71 Discounters Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
2023 DEVELOPMENTS
- The stagnation of hypermarkets is seen in South Korea in 2023
- Hypermarkets embrace specialised retail for survival
- Hypermarkets utilise their private label lines to achieve growth
PROSPECTS AND OPPORTUNITIES
- Increase in experiential shopping environments
- Impact of inflation on private label in hypermarkets
- Changes in regulations in South Korea
CHANNEL DATA
Table 72 Hypermarkets: Value Sales, Outlets and Selling Space 2018-2023
Table 73 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 74 Hypermarkets GBO Company Shares: % Value 2019-2023
Table 75 Hypermarkets GBN Brand Shares: % Value 2020-2023
Table 76 Hypermarkets LBN Brand Shares: Outlets 2020-2023
Table 77 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 78 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
2023 DEVELOPMENTS
- Supermarkets sees a slow increase in value sales in 2023
- GS Retail ends its GS Fresh Mall online business
- Integration of retail formats to maximise synergies
PROSPECTS AND OPPORTUNITIES
- Supermarkets adapting via expansion and renovation
- Homeplus Express’s renewal to cater to single-person households
CHANNEL DATA
Table 79 Supermarkets: Value Sales, Outlets and Selling Space 2018-2023
Table 80 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 81 Supermarkets GBO Company Shares: % Value 2019-2023
Table 82 Supermarkets GBN Brand Shares: % Value 2020-2023
Table 83 Supermarkets LBN Brand Shares: Outlets 2020-2023
Table 84 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 85 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
2023 DEVELOPMENTS
- Challenges faced by small local grocers in South Korea amidst shifting consumer preferences
- Platforms are transforming traditional markets in South Korea
PROSPECTS AND OPPORTUNITIES
- Influence of MZ Generation on traditional markets through “ditto consumption”
- Enhanced payment options for small local grocers
- Government support for digital transformation in local grocery retailers
CHANNEL DATA
Table 86 Small Local Grocers: Value Sales, Outlets and Selling Space 2018-2023
Table 87 Small Local Grocers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 88 Small Local Grocers GBO Company Shares: % Value 2019-2023
Table 89 Small Local Grocers GBN Brand Shares: % Value 2020-2023
Table 90 Small Local Grocers LBN Brand Shares: Outlets 2020-2023
Table 91 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 92 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
2023 DEVELOPMENTS
- Fast fashion brands experience sales growth amidst high inflation
- Continued spending polarisation in fashion retailers
- Strategic renewal for enhanced shopping convenience at ABC-MART Korea
PROSPECTS AND OPPORTUNITIES
- Growing market for children’s luxury clothing due to changes in consumer dynamics
- Musinsa expands to offline stores
- Growth of the athleisure trend
CHANNEL DATA
Table 93 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 94 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 95 Apparel and Footwear Specialists GBO Company Shares: % Value 2019-2023
Table 96 Apparel and Footwear Specialists GBN Brand Shares: % Value 2020-2023
Table 97 Apparel and Footwear Specialists LBN Brand Shares: Outlets 2020-2023
Table 98 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 99 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
2023 DEVELOPMENTS
- The struggle of appliances and electronics specialists
- ETLAND launches the Land 500 paid membership programme
- Lotte Hi-Mart’s strategic approach, with cost-effective private label home appliances
PROSPECTS AND OPPORTUNITIES
- Apple expands with new stores in Korea which will help drive growth
- LG Best Shop introduces home appliance subscription services
- Lotte Hi-Mart’s comprehensive home appliance care services
CHANNEL DATA
Table 100 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 101 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 102 Appliances and Electronics Specialists GBO Company Shares: % Value 2019-2023
Table 103 Appliances and Electronics Specialists GBN Brand Shares: % Value 2020-2023
Table 104 Appliances and Electronics Specialists LBN Brand Shares: Outlets 2020-2023
Table 105 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 106 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
2023 DEVELOPMENTS
- Slowing of growth for pharmacies in South Korea
- Olive Young leads health and beauty specialists
- The decline of road shops in South Korea
PROSPECTS AND OPPORTUNITIES
- Disruptive trends in beauty retail in South Korea
- Olive Young expands its offerings with sales of alcoholic drinks
- Deferred changes to regulations governing online sales of disposable contact lenses
CHANNEL DATA
Table 107 Health and Beauty Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 108 Health and Beauty Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 109 Sales in Health and Beauty Specialists by Channel: Value 2018-2023
Table 110 Sales in Health and Beauty Specialists by Channel: % Value Growth 2018-2023
Table 111 Health and Beauty Specialists GBO Company Shares: % Value 2019-2023
Table 112 Health and Beauty Specialists GBN Brand Shares: % Value 2020-2023
Table 113 Health and Beauty Specialists LBN Brand Shares: Outlets 2020-2023
Table 114 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 115 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 116 Forecast Sales in Health and Beauty Specialists by Channel: Value 2023-2028
Table 117 Forecast Sales in Health and Beauty Specialists by Channel: % Value Growth 2023-2028
2023 DEVELOPMENTS
- Homewares and home furnishing stores and the real estate market in South Korea
- Navigation of digital transformation with Hanssem Mall
- IKEA faces tough times in South Korea amidst economic changes
PROSPECTS AND OPPORTUNITIES
- E-commerce is reshaping consumer habits in the home products space
- Nitori’s swift entry into home products specialists in South Korea
- E-Mart’s Molly’s Pet Shop opens Starfield Suwon outlet
CHANNEL DATA
Table 118 Home Products Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 119 Home Products Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 120 Sales in Home Products Specialists by Channel: Value 2018-2023
Table 121 Sales in Home Products Specialists by Channel: % Value Growth 2018-2023
Table 122 Home Products Specialists GBO Company Shares: % Value 2019-2023
Table 123 Home Products Specialists GBN Brand Shares: % Value 2020-2023
Table 124 Home Products Specialists LBN Brand Shares: Outlets 2020-2023
Table 125 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 126 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 127 Forecast Sales in Home Products Specialists by Channel: Value 2023-2028
Table 128 Forecast Sales in Home Products Specialists by Channel: % Value Growth 2023-2028
2023 DEVELOPMENTS
- Trends in department stores in South Korea
- South Korean department stores shift towards experiential spaces
- Daiso Asung acquires full ownership of Daiso Sangyo, establishing itself as a Korean corporate
PROSPECTS AND OPPORTUNITIES
- Polarisation in department stores in South Korea
- The pop-up paradigm in department stores
- Daiso’s advance into next-day delivery services
CHANNEL DATA
Table 129 General Merchandise Stores: Value Sales, Outlets and Selling Space 2018-2023
Table 130 General Merchandise Stores: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 131 Sales in General Merchandise Stores by Channel: Value 2018-2023
Table 132 Sales in General Merchandise Stores by Channel: % Value Growth 2018-2023
Table 133 General Merchandise Stores GBO Company Shares: % Value 2019-2023
Table 134 General Merchandise Stores GBN Brand Shares: % Value 2020-2023
Table 135 General Merchandise Stores LBN Brand Shares: Outlets 2020-2023
Table 136 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 137 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 138 Forecast Sales in General Merchandise Stores by Channel: Value 2023-2028
Table 139 Forecast Sales in General Merchandise Stores by Channel: % Value Growth 2023-2028
2023 DEVELOPMENTS
- Direct selling moves online
- Atomy halts early morning delivery in 2023
PROSPECTS AND OPPORTUNITIES
- Low growth expected for direct selling in South Korea
- LG Household & Health Care introduces CNPRx beauty devices through direct selling
CHANNEL DATA
Table 140 Direct Selling by Product: Value 2018-2023
Table 141 Direct Selling by Product: % Value Growth 2018-2023
Table 142 Direct Selling GBO Company Shares: % Value 2019-2023
Table 143 Direct Selling GBN Brand Shares: % Value 2020-2023
Table 144 Direct Selling Forecasts by Product: Value 2023-2028
Table 145 Direct Selling Forecasts by Product: % Value Growth 2023-2028
2023 DEVELOPMENTS
- Surge in vending value sales due to increased outdoor activities
- Rise of gold vending machines in South Korea
PROSPECTS AND OPPORTUNITIES
- Vending of alcoholic drinks
- Legalisation of sales of meat in outdoor vending machines
CHANNEL DATA
Table 146 Vending by Product: Value 2018-2023
Table 147 Vending by Product: % Value Growth 2018-2023
Table 148 Vending GBO Company Shares: % Value 2019-2023
Table 149 Vending GBN Brand Shares: % Value 2020-2023
Table 150 Vending Forecasts by Product: Value 2023-2028
Table 151 Vending Forecasts by Product: % Value Growth 2023-2028
2023 DEVELOPMENTS
- The continued rise of e-commerce in South Korea
- Coupang’s acquisition of Farfetch
- Acquisition of Interpark by Yanolja and Qoo10
PROSPECTS AND OPPORTUNITIES
- The rise of e-commerce membership programmes
- Naver’s HyperClova is incorporated in the shopping experience
- Musinsa surpasses KRW4 trillion in e-commerce transactions
CHANNEL DATA
Table 152 Retail E-Commerce by Channel: Value 2017-2022
Table 153 Retail E-Commerce by Channel: % Value Growth 2017-2022
Table 154 Retail E-Commerce by Product: Value 2017-2022
Table 155 Retail E-Commerce by Product: % Value Growth 2017-2022
Table 156 Retail E-Commerce GBO Company Shares: % Value 2018-2022
Table 157 Retail E-Commerce GBN Brand Shares: % Value 2019-2022
Table 158 Forecast Retail E-Commerce by Channel: Value 2022-2027
Table 159 Forecast Retail E-Commerce by Channel: % Value Growth 2022-2027
Table 160 Forecast Retail E-Commerce by Product: Value 2022-2027
Table 161 Forecast Retail E-Commerce by Product: % Value Growth 2022-2027
