SEOUL Dec 29 Sales at South Korea's department
stores in November dropped at their fastest pace in nearly one
year amid declining consumer sentiment and due to fewer public
holidays, the Ministry of Trade, Industry and Energy said on
Combined sales last month at department stores run by
Hyundai Department Store, Lotte Shopping
and Shinsegae Co fell 2.8 percent from a year
That marked the biggest drop since a 5.7 percent decline in
It was also the first sales decline in annual terms since
the figure dropped by 2.7 percent in May.
The trade ministry said sales of household items and
clothing fell 19 percent and 4.4 percent from a year earlier,
Discount store sales in November dropped 6.1 percent from a
year earlier, after rising 0.9 percent in October.
Convenience store sales continued to grow, jumping 15.3
percent on-year following similar increases throughout this
Earlier on Thursday, South Korea lowered its growth outlook
for next year as it sees weaker domestic demand and waning job
growth holding back recovery in Asia's fourth-largest economy.
The government is projecting 2.6 percent economic growth in
2017, down from its earlier estimate of 3 percent, and below the
Bank of Korea's 2.8 percent forecast, the finance ministry said.
(Reporting by Cynthia Kim; Editing by Kim Coghill)