SEOUL, July 27 (Korea Bizwire) – A grand “bargain sale” prepared by major department stores has finally opened the tightly closed purses of Korean customers.
According to Lotte Department Store, which held a bargain sale event called “Lotte Black Super Show” at KINTEX in Ilsan, northern Seoul, from July 23 to 26, it recorded a total of 13 billion won in sales, more than twice its initial target of 6 billion won. During the four-day event, approximately one million shoppers visited the venue.
On July 26, the last day of the event, some 850 customers arrived at the venue even before stores opened at 10am, and it took more than 30 minutes for them to enter the venue.
An official at Lotte said, “Thanks to the customers, we could sell out our inventory from our partner companies, which are struggling with sluggish domestic demand”.
In addition, a “Foreign Fashion Sales” event at Hyundai Department Store generated sales of 90 billion won from luxury brand products from July 22 to August 9, which also exceeded expectations.
Hyundai exceeded its target revenue by 34.5 percent during its discount sales event held at its Premium Outlet in Gimpo from July 22 to 25. During the period, it received 150,000 visitors, an increase of 150 percent from the previous week.
Meanwhile, the “Luxury Brand Sales” at Shinsegae Department Store also attracted more customers. The store rescheduled its annual sale to an earlier period to target shoppers going on summer holidays, or those shopping directly from overseas retailers.
According to the department store, the bargain sales event held from July 23 to 25 earned 52.9 percent more revenue than last year, thanks to strong sales results from its Marni and Armani brands.
By Lina Jang (firstname.lastname@example.org)