Saturday, April 26, 2008

[The Chosun Ilbo, April 10 2008] Online Mall Sales to Overtake Department Stores’

Online shopping malls will outdo department stores in terms of sales this year, the Samsung Economic Research Institute said in a report Wednesday. SERI said sales of online shopping malls will top W20 trillion (US$1=W976), while sales of department stores are estimated at W19.1 trillion, including the aggregate W14-15 trillion by the big three market leaders Lotte, Shinsegae and Hyundai.

The volume of online shopping malls has jumped 29.5 percent a year since 2001. Online malls defeated supermarkets in 2006 and have grown into the nation’s third largest distribution channel, following large superstores and department stores.

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