Boston, MA -- (ReleaseWire) -- 07/11/2014 -- Mixed retailers recorded current value growth of 2% and reached Won34.5 trillion in 2013. Both department stores and warehouse clubs recorded low current value growth of 2%. Sales through department stores were affected by the economic conditions and current value growth decreased to 2% in 2013, which was the lowest growth recorded by the category since 2004. Consumers appeared to be shifting to other categories that provided more-reasonable prices than premium department stores. Warehouse clubs were restricted by government regulations in the same way as hypermarkets and supermarkets were. With Lotte Shopping Co entering into warehouse clubs as a new player, sales of the category recorded a huge jump in 2012, but sales per outlet decreased in 2013 by 8%.
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Lotte Shopping Co recorded a 40% value share of mixed retailers in 2013. It increased its value share thanks to sales growth within warehouse clubs. Vic Market recorded current value growth of 126% in 2013, despite only members being able to purchase products. When opening a new outlet, the brand provided free cash vouchers to the same amount as the membership fee to make sure customers were not put off by the charge for joining. This strategy succeeded in attracting a number of customers.
Sales through mixed retailers are expected to increase marginally at constant prices over the forecast period. Although warehouse clubs and variety stores are predicted to record healthy growth in constant value terms, weak performance of department stores will limit the overall market growth in the forecast period. In particular, department stores will continue to be affected by the government regulations to restrict modern grocery retailers as well as strong performance of premium outlet villages. Furthermore, sales through department stores are expected to decline despite the number of outlets being set to increase, as economic condition are expected to barely recover.
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The Mixed Retailers in South Korea market research report includes:
- Analysis of key supply-side and demand trends
- Detailed market shares for international and locally-based retailers
- Historic number of stores, selling space and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- How big is the Mixed Retailers channel in South Korea?
- Who are the leading retailers in South Korea?
- How are mixed retailers competing against the growth of grocery retailers?
- Are consumers switching towards value retailers or moving upmarket?
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Product coverage: Department Stores , Mass Merchandisers, Variety Stores, Warehouse Clubs.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
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