Kim Jong-deok, Minister of Culture, Sports and Tourism, is giving a speech at the opening of the Korea Grand Sale. (Image : Yonhap)
SEJONG, Aug. 27 (Korea Bizwire) – ‘Spending Festivals’ targeting both Korean and foreigners are set to open nationwide. They are expected to be the Korean version of ‘Black Friday’ in the US.
Department stores, grocery stores, traditional markets and even online shopping malls will participate in the event.
In order to energize spending to revitalize the market, the government decided to include locals as targets of the ‘Korea Grand Sale’, which started on August 14. The event originally targeted foreigners, giving discounts to those who showed their passports when shopping.
The Korea Grand Sale benchmarks the American ‘Black Friday’, which is said to change the red arrows (deficits) to black arrows (profits). The usual discount rate is 30 percent, but sometimes it goes up to 70 or 80 percent. The government is anticipating that foreign visitors could easily be lured in if the size of the event grows and becomes famous overseas as locals participate.
Recently, 31,963 stores from 294 companies chose to participate in the Korea Grand Sale. Department stores and other retailers are planning a joint sale event targeting Koreans during October. Authorities are discussing the discounts that could be provided through the event.
Traditional markets are also jumping on the bandwagon, planning a ‘Traditional Market Grand Sale’ in September, before the Korean Thanksgiving holidays, and in November, before the kimchi-making season. Supermarkets will also participate in the festival, having a sale from September 12 to September 21. Discounts as high as 50 percent will be provided depending on the item purchased.
Online stores such as GMarket, Interpark and GS Home shopping will also participate in the event by distributing discount coupons or lowering prices.
By Lina Jang (linajang@koreabizwire.com)
