SEOUL, Sept. 28 (Korea Bizwire) — South Korea launched a nationwide shopping festival on Friday involving major retailers, manufacturers and traditional markets to attract more tourists and boost domestic consumption, organizers said.
The annual Korea Sale FESTA offers reduced prices on items ranging from electronics and apparel to automobiles and furniture for 10 days, the organizers said.
Hyundai Department Store and Lotte Department Store said they will provide discounts of up to 80 percent on clothing, including sportswear and golf wear.
The festival period has been shortened from the one-month duration of the two previous years in order to raise the effectiveness of the event.
Last year, the event boosted the sales of major offline retailers, including department stores, discount and duty-free shops, by 8.3 percent to 9.43 trillion won (US$8.47 billion) during the period compared to a year earlier, according to government data based on 100 firms that provided figures.