A Lotte department store. Shutterstock.
The operator of some of South Korea’s biggest department stores reported net losses for the quarter ending in March that narrowed to 40.6 billion won ($36.5 million) from 43.3 billion won during the same period in 2020, Yonhap reports.
Lotte attributed this improved performance to demand for luxury goods in its department stores. The group’s discount and supermarket chains, however, are seeing less of a rebound. The company’s sales fell 4.8 percent to 3.9 trillion won ($3.5 billion) from last year’s 4.1 trillion won ($3.7 billion).
This news follows reports that luxury leather goods, jewellery and watches made $12.5 billion in sales in South Korea last year, defying a wider slump that saw global sales drop 19 percent. South Korea’s 2020 luxury sales also outpaced those in Germany, making the former the world’s seventh biggest luxury market.