Struggling Korean retail stores lick Dubai chocolate, Dippin' Dots

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Struggling Korean retail stores lick Dubai chocolate, Dippin' Dots - Korea Economic Daily

Quick Summary:

Given the price increase of major products sold at CVs such as ramen, snacks, ice cream and milk over the past year, we can say our sales dropped,” said a convenience store operator in Seoul.‘EARNINGS SHOCK’ EXPECTEDAnalysts expect many retail store operators to post “shocking” earnings declines in the second quarter.

Back in 2022, when the COVID-19 pandemic was rampant, South Korea’s convenience stores (CVs) saw their sales fly high as people dropped by small retail stores in their neighborhood to get snacks.CVs posted a 10.8% sales increase in 2022 from the year prior while hypermarkets and supermarkets saw their sales decline 7.6% and 2.5%, respectively.

CU and GS25, two leading Korean convenience stores, however, are witnessing their sales decline rapidly from the start of this year as rising consumer prices keep people from even visiting nearby retail stores.