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The South Korea retail market size was approximately USD 501.12 billion in 2023. The market is assessed to grow at a CAGR of 4.4% between 2024 and 2032, reaching a value of USD 738.32 billion by 2032.
The retail sector comprises of companies that provide goods and services to their customers. It includes the sales of goods and services through e-commerce platforms, convenience stores, and speciality stores, among others. The retail sector in South Korea is rapidly adopting novel technologies and innovative approaches to enhance the consumer shopping experience.
Based on product type, the market is segregated into food, beverage, and tobacco products; personal care and household; apparel, footwear, and accessories; furniture, toys, and hobby; industrial and automotive; electronic and household appliances; and pharmaceuticals and luxury goods, among others. On the basis of distribution channel, the South Korea retail market segmentation includes hypermarkets and supermarkets, convenience stores, speciality stores, and online, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
Food, beverages, and tobacco products account for a significant South Korea retail market share. This growth can be attributed to the increasing penetration of e-commerce in the grocery sector and increasing consumer preference for convenient services and door-step delivery.
Meanwhile, the domestic demand for electronics and household appliances has been increasing due to high disposable income and tech-savvy nature of the population, thereby providing lucrative growth opportunities to the market. The prominent presence of tech giants including LG, coupled with their increasing investments towards product marketing and modernising retail stores is aiding the market expansion.
Further, Korean culture has a major focus on beauty and fashion, because of which the population is leaning towards premium products and luxury goods available through both physical stores and online channels.
The leading e-commerce giants have been making investments for improving their platforms and online services to develop more user-friendly interface, to enhance customer shopping experience. The tech-savvy nature of the Korean population and the presence of well-developed IT infrastructure in the country have boosted the popularity of e-commerce platforms, propelling the South Korea retail market demand.
Even though e-commerce platforms have significantly expanded due to the growing inclination towards fast and convenient delivery methods, traditional retail stores including hypermarkets and supermarkets, convenience stores, and speciality stores are commonly preferred due to the consumption and shopping habits of the population and the availability of a range of products and assistance offered by sales professionals in brick and mortar stores.
Coupang Co., Ltd., founded in 2010, is a go-to store that offers an online platform to its customers for a wide range of products, which include foods, groceries, beauty products, electronics, decorative items, travel and everyday consumables, and household goods, among others. One of its most compelling value propositions is its same-day delivery system.
Lotte Corporation is a group of different enterprises and businesses that was founded in 1948. The corporation is widely known for its customer-centric approach. The company also operates in a variety of domains, including construction, food, tourism, finance, and chemicals, among others.
LG Electronics, Inc., a South Korea-based company, has a worldwide presence in over 80 countries. It began as GoldStar in 1958 and has since grown to become the world's second-largest electronics developer. The company has significantly expanded its online presence and manufactures and sells a wide range of electronic products, guaranteeing high quality.
Other South Korea retail market players include Hyundai Department Store Group. Co., Ltd., Shinsegae I&C Inc., BGF Group, 7-Eleven, Inc., EMART Inc., Costco Korea Co., Ltd., and Amorepacific Corporation, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Distribution Channel |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia-Pacific Retail Market Overview
8.1 Key Industry Highlights
8.2 Asia-Pacific Retail Historical Market (2018-2023)
8.3 Asia-Pacific Retail Market Forecast (2024-2032)
9 South Korea Retail Market Overview
9.1 Key Industry Highlights
9.2 South Korea Retail Historical Market (2018-2023)
9.3 South Korea Retail Market Forecast (2024-2032)
10 South Korea Retail Market by Product Type
10.1 Food, Beverage, and Tobacco Products
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Personal Care and Household
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Apparel, Footwear, and Accessories
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Furniture, Toys, and Hobby
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Industrial and Automotive
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Electronic and Household Appliances
10.6.1 Historical Trend (2018-2023)
10.6.2 Forecast Trend (2024-2032)
10.7 Pharmaceuticals and Luxury Goods
10.7.1 Historical Trend (2018-2023)
10.7.2 Forecast Trend (2024-2032)
10.8 Others
11 South Korea Retail Market by Distribution Channel
11.1 Hypermarkets and Supermarkets
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Convenience Stores
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Speciality Stores
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Online
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Coupang Co., Ltd.
13.2.1.1 Company Overview
13.2.1.2 Type Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 Lotte Corporation
13.2.2.1 Company Overview
13.2.2.2 Type Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 LG Electronics, Inc.
13.2.3.1 Company Overview
13.2.3.2 Type Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 Hyundai Department Store Group. Co., Ltd.
13.2.4.1 Company Overview
13.2.4.2 Type Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Shinsegae I&C Inc.
13.2.5.1 Company Overview
13.2.5.2 Type Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 BGF Group
13.2.6.1 Company Overview
13.2.6.2 Type Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 7-Eleven, Inc.
13.2.7.1 Company Overview
13.2.7.2 Type Portfolio
13.2.7.3 Demographic Reach and Achievements
13.2.7.4 Certifications
13.2.8 EMART Inc.
13.2.8.1 Company Overview
13.2.8.2 Type Portfolio
13.2.8.3 Demographic Reach and Achievements
13.2.8.4 Certifications
13.2.9 Costco Korea Co., Ltd.
13.2.9.1 Company Overview
13.2.9.2 Type Portfolio
13.2.9.3 Demographic Reach and Achievements
13.2.9.4 Certifications
13.2.10 Amorepacific Corporation
13.2.10.1 Company Overview
13.2.10.2 Type Portfolio
13.2.10.3 Demographic Reach and Achievements
13.2.10.4 Certifications
13.2.11 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia-Pacific Retail Market: Key Industry Highlights, 2018 and 2032
2. South Korea Retail Market: Key Industry Highlights, 2018 and 2032
3. South Korea Retail Historical Market: Breakup by Product Type (USD Billion), 2018-2023
4. South Korea Retail Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
5. South Korea Retail Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
6. South Korea Retail Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
7. South Korea Retail Market Structure
In 2023, the market reached an approximate value of USD 501.12 billion.
The market is estimated to grow at a CAGR of 4.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 738.32 billion by 2032.
The market is being driven by the rapid expansion of online distribution channels and the growth of the food and beverage sector.
The key trends aiding the market expansion include the rapid technological advancements, innovative marketing strategies adopted by retailers, and improvements in e-commerce platforms.
The major product types include food, beverage, and tobacco products; personal care and household; apparel, footwear, and accessories; furniture, toys, and hobby; industrial and automotive; electronic and household appliances; and pharmaceuticals and luxury goods, among others.
The distribution channels include hypermarkets and supermarkets, convenience stores, speciality stores, and online, among others.
The major players in the market are Coupang Co., Ltd., Lotte Corporation, LG Electronics, Inc., Hyundai Department Store Group. Co., Ltd., Shinsegae I&C Inc., BGF Group, 7-Eleven, Inc., EMART Inc., Costco Korea Co., Ltd., and Amorepacific Corporation, among others.
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