S. Korean retail sales to grow 5 pct in 2010: report

SEOUL, Dec. 9 (Yonhap) -- South Korean retail sales could grow as much as 5 percent next year compared with 2009 due to a recovery in consumer spending, an industry report said Wednesday.

Combined sales by local retailers are expected to reach 189.1 trillion won
(US$163 billion) in 2010, according to the report by the Retail Strategy Research
Center, an entity under Lotte Department Store, the country's largest department
store chain.
The research center attributed its upbeat outlook to a slew of economic
indicators and a recent survey of 39 major retailers.
Local department stores are pushing so-called "urban entertainment centers" (UEC)
as their new business model and are confident the plan will draw in more visits
by consumers, the report said.
The entertainment centers are scheduled to be in place next year, the report added.
UECs involve retail outlets and various forms of entertainment and recreation
like multiplex cinemas, family entertainment centers and musical theaters.
Major retailers may also aggressively seek to take over blue-chip companies both
at home and abroad to secure new growth engines next year, the report said.
Sales of online shopping and convenience stores will continue to grow at a faster
clip next year, it noted.
Sales at local convenience stores hit an all time-high of 554.9 billion won in
September, while combined non-store retail sales including home and online
shopping rose 22.8 percent year-on-year to 2.54 trillion won, according to the
report by the Statistics Korea.
ksnam@yna.co.kr
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