Retail

The South Korea retail sector is projected to register a CAGR of less than 4% during the forecast period, 2021-2026.

The South Korean retail industry is one of the largest markets among the Asian countries. Modern retail businesses, such as hypermarkets, grocery supermarkets, convenience stores, and online retailing, have rapidly grown over the years in comparison to traditional retail outlets, comprising street markets and family-operated small retailers. The South Korean economy is expected to grow slowly during the forecast period due to the negative impact of COVID-19 on the economy. The retailing sector is still estimated to register positive sales growth, owing to the significant rise in internet retailing, aggressive marketing, and promotional activities from major retailing companies. However, the introduction of a number of shopping malls with elegant restaurants, trendsetting brands, cutting-edge multiplex movie theaters, and high-end supermarkets led to a change in consumer lifestyles, and this change is leading to a more advanced retail experience in South Korea. As consumer lifestyles and demographics are rapidly changing, this heavily impacts the retailing industry in South Korea.