Sales outlets enjoy holiday boom

Major retail outlets such as department and discount stores enjoyed record high sales this year during the pre-Chuseok period.

They reported an average increase of 30-50 percent over last year, and earnings from gift certificates rose as much as 100 percent.

Excluding the newly opened Gangnam Store, 5 Lotte outlets in Seoul sold 123.9 billion worth of goods from September 1 to 11, or 37.5 percent more than they sold during the same period in 1999.

Across the country, 12 Lotte department stores sold 113 billion won in gift certificates -- a 95 percent increase over last year.

Sales managers of the chain said that consumer demand returned to the level of the good times before the Asian financial crisis of l997, when Korea was hit hard and sought bailout aid from the International Monetary Fund.

In particular, stores outside of Seoul, including those in Bundang, Busan and Gwnagju, showed brisk sales increases of 50-60 percent --- about 20 percent higher than their peers in Seoul. Shinsegae department stores also registered 27 percent growth with combined sales of 89.8 billion won at 5 outlets, excluding the newly opened Masan store.

Sales of gift certificates more than doubled from last year to reach 72 billion won.

Proceeds at 18 E-Mart discount outlets amounted to 97 billion won in the same period, an increase of 40 percent over last year.

Ten branches of the Hyundai department store chain in Seoul, Busan and other cities achieved

sales growth of 42 percent this year with gross sales of 140 billion won.

Its takings of 50 billion won in gift certificates marked a rise of 50 percent over the previous year.

Department store officials attributed the unusually brisk business to the growing preference of consumers for leading and well organized outlets.

They added that these outlets are judged to offer higher quality merchandise than old-fashioned marketplaces, particularly regarding foodstuffs required for ancestor-worship rituals on the occasion of the traditional holiday.