South Korea Retail Sector Market

South Korea Retail Sector Market by Product Types (Personal Care & Household, Food, Beverages, & Tobacco Products, Furniture, Toys, & Hobby, Apparel, Footwear, & Accessories, Industrial & Automotive, Electronic & Household Appliances, Pharmaceuticals, Luxury Goods, and Others), Distribution Channels (Specialty Stores, Online, Department Stores, Hypermarket, Supermarket, & Convenience Stores, and Others), Country (South Korea)- Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-3790
  • Author: Growth Market Reports
  • Rating: 4.7
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  • No. Of Pages: 188
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The South Korea retail sector market size is expected to expand at a robust CAGR during the forecast period, 2021-2028. The growth of market is attributed to growing number of shopping malls, restaurants, advanced movie theaters, and high end supermarkets along with the changing consumer’s lifestyle and demographics of the country.


South Korea Retail Sector Market Key Takeaways

Retail market of South Korea is considered as one of the largest market all over the Asian continent. Retail businesses at present such as online retailing, grocery supermarket, hypermarket, and convenience store are gaining popularity at an exponential rate during the last few years as compared to conventional retail stores, which involves family-operated business and street markets.

South Korea is one of the most connected countries globally; approximately 95% of the household uses broadband and have access to internet facility, 80% of Korean age 6 and above owns a smart-phones.

Some of the examples such as Lotte department store Bundag branch introduced a new service which replaces the use of physical shopping cart, offering the customers to shop just by scanning the bar code of the product with a handheld scanner provided by the shop itself along with completing the payment and offering the option to deliver their purchases to their home.

From the last few years due to the COVID-19 outbreak, South Korea has witnessed a major downfall in the economy and is estimated to grow at a steady pace. However the retail sector is anticipated to show a positive sales growth owing to the significant rise in online retailing, and aggressive promotional and marketing activities by the major retailing companies.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing number of enhanced public infrastructure such as high-end supermarkets, trend setting brands, and cutting edge movie theaters is expected to spur the market in the coming years.
  • Rapid growth in retail businesses such as online retailing, convenience store, and more is estimated to propel the market during forecast period.
  • Increasing investments towards the aggressive marketing and brand promotional activities by the key players of the market is anticipated to boost the market during the projected period.
  • Changing demographics and consumers lifestyle is expected to impel the market in the coming years.
  • R&D and technological advancement by the retailer towards the adoption of digital technologies to attract customers and offer them a better shopping experience creates lucrative opportunities for the market players.
  • The impact of pandemic slows the growth rate of the economy which acts as one of the factor that can hinder the growth of the market during the projected period.

Scope of the market

The report on South Korea retail sector market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Retail Market – South Korea Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Product Types (Personal Care and Household, Food, Beverages, and Tobacco Products, Furniture, Toys, and Hobby, Apparel, Footwear, and Accessories, Industrial and Automotive, Electronic and Household Appliances, Pharmaceuticals, Luxury Goods, and Other Products), Distribution Channels (Specialty stores, Online, Department Stores, Hypermarket, Supermarket, and Convenience Stores, Other Distribution Channels.)

Country

South Korea

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Hyundai Home Shopping Network Corp; Everyday Retail Company Limited; Lotte Holdings Corporation Limited; Shinsegae Department Co. Ltd; Mega Mart Co. Ltd.

Market Segment Insights

The personal care and household is expected to hold major share of the market

Based on product types, the market is segregated into personal care & household, food, beverages, & tobacco products, furniture, toys, & hobby, apparel, footwear, & accessories, industrial & automotive, electronics & household appliances, pharmaceuticals, luxury goods, and others. The personal care and household segment is expected to hold major share of the market during the forecast period according to the Korean culture and standards beauty and appearance is considered as one of the important feature, thus the demand for beauty products and surgeries are always high among the population to attain the look they desire. Constant product innovation, use of sophisticated ingredients, and attractive packaging are always on display which stimulates the market.

The online segment is estimated to account for a large market share

On the basis of distribution channels, the market is categorized into specialty stores, online, department stores, hypermarket, supermarket, and convenience stores. The online segment is estimated to account for a large market share during the projected period owing to the massive reach of IOT, and increased number of local as well as global retailers on the digital platform offering their products and services to the population offering a wide range of product and a better shopping experience for the shoppers. Also with the increasing promotional activities on digital platform by the retailers the market is estimated to augment.


South Korea Retail Sector Market By Distribution Channels

Segments

Segments Covered in the Report
The South Korea retail sector market has been bifurcated on the basis of

Product types
  • Personal Care & Household
  • Food, Beverages, & Tobacco Products
  • Furniture, Toys, & Hobby
  • Apparel, Footwear, & Accessories
  • Industrial & Automotive
  • Electronics & Household Appliances
  • Pharmaceuticals, Luxury Goods, & Other Products
Distribution Channels
  • Specialty stores
  • Online
  • Department Stores
  • Hypermarket
  • Supermarket
  • Convenience Stores
  • Others
Country
  • South Korea
Key players
  • Hyundai Home Shopping Network Corp
  • Everyday Retail Company Limited
  • Lotte Holdings Corporation Limited
  • Shinsegae Department Co. Ltd
  • Mega Mart Co. Ltd.

Competitive Landscape

Key players competing in the South Korea retail sector market include Hyundai Home Shopping Network Corp; Everyday Retail Company Limited; Lotte Holdings Corporation Limited; Shinsegae Department Co. Ltd; Mega Mart Co. Ltd.

Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance

In January 2021, the British household appliance brand, Dyson launched its first flagship store in South Korea in IFC Mall.
In November 2020, GS group announced a plan to collate with GS Retail and GS Shop, its home shopping affiliate.

South Korea Retail Sector Market By Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Retail Sector Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Retail Sector Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Retail Sector Market - Supply Chain
  4.5. Global Retail Sector Market Forecast
     4.5.1. Retail Sector Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Retail Sector Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Retail Sector Market Absolute $ Opportunity
5. Global Retail Sector Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Retail Sector Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Retail Sector Demand Share Forecast, 2019-2026
6. North America Retail Sector Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Retail Sector Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Retail Sector Demand Share Forecast, 2019-2026
7. Latin America Retail Sector Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Retail Sector Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Retail Sector Demand Share Forecast, 2019-2026
8. Europe Retail Sector Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Retail Sector Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Retail Sector Demand Share Forecast, 2019-2026
9. Asia Pacific Retail Sector Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Retail Sector Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Retail Sector Demand Share Forecast, 2019-2026
10. Middle East & Africa Retail Sector Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Retail Sector Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Retail Sector Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Retail Sector Market: Market Share Analysis
  11.2. Retail Sector Distributors and Customers
  11.3. Retail Sector Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Hyundai Home Shopping Network Corp Everyday Retail Company Limited Lotte Holdings Corporation Limited Shinsegae Department Co. Ltd Mega Mart Co. Ltd.
Segments Covered in the Report
The South Korea retail sector market has been bifurcated on the basis of

Product types
  • Personal Care & Household
  • Food, Beverages, & Tobacco Products
  • Furniture, Toys, & Hobby
  • Apparel, Footwear, & Accessories
  • Industrial & Automotive
  • Electronics & Household Appliances
  • Pharmaceuticals, Luxury Goods, & Other Products
Distribution Channels
  • Specialty stores
  • Online
  • Department Stores
  • Hypermarket
  • Supermarket
  • Convenience Stores
  • Others
Country
  • South Korea
Key players
  • Hyundai Home Shopping Network Corp
  • Everyday Retail Company Limited
  • Lotte Holdings Corporation Limited
  • Shinsegae Department Co. Ltd
  • Mega Mart Co. Ltd.

Key players competing in the South Korea retail sector market include Hyundai Home Shopping Network Corp; Everyday Retail Company Limited; Lotte Holdings Corporation Limited; Shinsegae Department Co. Ltd; Mega Mart Co. Ltd.

Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance

In January 2021, the British household appliance brand, Dyson launched its first flagship store in South Korea in IFC Mall.
In November 2020, GS group announced a plan to collate with GS Retail and GS Shop, its home shopping affiliate.

South Korea Retail Sector Market By Key Players

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