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Market Overview
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, has rapidly grown over the years, in comparison to that of traditional retail outlets, comprising street markets and family-operated small retailers.
Although the South Korean economy is expected to grow slowly during the forecast period, retailing is 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, trend-setting brands, cutting-edge multiplex movie theaters, and high end supermarkets led to a change in consumer life style, and this change is leading to a more advanced retail experience in South Korea.
Scope of the Report
A complete background analysis of South Korea retail Industry, which includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and market overview is covered in the report
Key Market Trends
Retailers Embrace Digital Strategies to Engage Customers
Increasing number of local retailers have drawn on digital technologies to provide better shopping experience for customers.
As a case in point, Lotte has launched a new smart shopping service “Smart Shopper†at its food stores of Lotte Department Store Bundang branch. The new service, which replaces the physical shopping carts, allows customers to shop by just scanning the bar codes of products with a shopper handheld scanner device provided in store.
Customers can complete the payment at dedicated self-checkout terminals by tapping the handheld device against NFC readers and after the payment, they can have their purchases delivered home.
Another major retailer Hyundai Department Store has also introduced a quick search service “Smart Finderâ€, with which shoppers can find their desirable products quickly at Hyundai's online store. Smart Finder can analyze the designs, colors, and patterns of the products, in the photos uploaded by shoppers and recommend similar products, saving up to 50% on searching time.
New convenience formats and themes are driving the growth of modern trade, while hypermarkets look forward to retain relevance by remodeling low performance stores into wholesale formats
South Korea Is One Of The World's Most Exciting Beauty Markets
South Korea is one of the world's most exciting beauty markets. New beauty trends and innovations, featuring sophisticated ingredients and aesthetically appealing packaging are constantly on display.
South Korean-branded cosmetics labels have earned popularity, particularly within Asia, with the rise of the country's cultural presence, otherwise known as “hallyu,†and continue to attract image conscious local consumers and foreign tourists.
South Korea is one of the world's most exciting beauty markets with new beauty trends and innovations that feature sophisticated ingredients and aesthetically appealing packaging are constantly on display.
In retail, South Korean consumers purchase beauty and personal care products not only from online retailers, but via home shopping and door-to-door sales opportunities, also in flagship stores, department stores, health and beauty stores, duty-free shops, aesthetic salons, and medical institutions, and pharmacies, among others.
Facial skincare holds for more than half (51%) of the total market share in retail sales and projected at 5.2% CAGR over the next five years.
Competitive Landscape
The report covers major international players operating in the South Korean retail sector. In terms of market share, few of the major players currently dominate the market. However, with factors, such as, technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
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, has rapidly grown over the years, in comparison to that of traditional retail outlets, comprising street markets and family-operated small retailers.
Although the South Korean economy is expected to grow slowly during the forecast period, retailing is 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, trend-setting brands, cutting-edge multiplex movie theaters, and high end supermarkets led to a change in consumer life style, and this change is leading to a more advanced retail experience in South Korea.
Scope of the Report
A complete background analysis of South Korea retail Industry, which includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and market overview is covered in the report
Key Market Trends
Retailers Embrace Digital Strategies to Engage Customers
Increasing number of local retailers have drawn on digital technologies to provide better shopping experience for customers.
As a case in point, Lotte has launched a new smart shopping service “Smart Shopper†at its food stores of Lotte Department Store Bundang branch. The new service, which replaces the physical shopping carts, allows customers to shop by just scanning the bar codes of products with a shopper handheld scanner device provided in store.
Customers can complete the payment at dedicated self-checkout terminals by tapping the handheld device against NFC readers and after the payment, they can have their purchases delivered home.
Another major retailer Hyundai Department Store has also introduced a quick search service “Smart Finderâ€, with which shoppers can find their desirable products quickly at Hyundai's online store. Smart Finder can analyze the designs, colors, and patterns of the products, in the photos uploaded by shoppers and recommend similar products, saving up to 50% on searching time.
New convenience formats and themes are driving the growth of modern trade, while hypermarkets look forward to retain relevance by remodeling low performance stores into wholesale formats
South Korea Is One Of The World's Most Exciting Beauty Markets
South Korea is one of the world's most exciting beauty markets. New beauty trends and innovations, featuring sophisticated ingredients and aesthetically appealing packaging are constantly on display.
South Korean-branded cosmetics labels have earned popularity, particularly within Asia, with the rise of the country's cultural presence, otherwise known as “hallyu,†and continue to attract image conscious local consumers and foreign tourists.
South Korea is one of the world's most exciting beauty markets with new beauty trends and innovations that feature sophisticated ingredients and aesthetically appealing packaging are constantly on display.
In retail, South Korean consumers purchase beauty and personal care products not only from online retailers, but via home shopping and door-to-door sales opportunities, also in flagship stores, department stores, health and beauty stores, duty-free shops, aesthetic salons, and medical institutions, and pharmacies, among others.
Facial skincare holds for more than half (51%) of the total market share in retail sales and projected at 5.2% CAGR over the next five years.
Competitive Landscape
The report covers major international players operating in the South Korean retail sector. In terms of market share, few of the major players currently dominate the market. However, with factors, such as, technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
