S. Korean retailers to expand investment, employment in 2010

By Nam Kwang-sik

SEOUL, Dec. 15 (Yonhap) -- A majority of South Korean retailers plan to increase their capital spending and employment next year in a bid to expand their presence in the local retail market, a poll showed Tuesday.

According to the survey of 110 major retailers taken by the Korea Chamber of
Commerce and Industry, 58.5 percent of the respondents said that they will expand
their business next year by increasing average investments by 13 percent and
employment by 11 percent.
"Retailers who survived the global economic crisis will increase their investment
to secure market share once held by companies that failed to survive the crisis,
as the South Korean economy is on a path to recovery," said the chamber.
Capital spending by home and online shopping and department stores is expected to
record double-digit growth next year, according to the findings.
Local retailers including online and home shopping networks, as well as discount,
department and convenience stores will increase their overseas investments by 5
percent on-year in 2010, while also planning to tap the Chinese and Southeast
Asian retail markets.
A majority of local retailers also predicted that the South Korean economy will
rebound in the third quarter of next year.
ksnam@yna.co.kr
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