Luxury Goods helps the Korean retail market
December 25, 2011
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Here is a recent article form MK News indicating that the only part of the retail economy in Korea showing strong growth is the luxury goods sector. As I noted in my recent post, this trend has very disturbing implications for the Korean, and world, economy.
Interestingly enough, I have met many US businessmen who are shifting their business over to luxury goods these days. It seems that luxury goods or intellectual property is the way to go these days.
High-end personal luxury goods, including jewelry and watches performed well despite an economic downturn in South Korea, where overall sales of major department stores have fallen to single-digit growth.
According to sources Friday, luxury items sold at Shinsegae Department Store posted monthly growth of 24.9 percent in July, 29.7 percent in September and 26.9 percent in November. In contrast, the department’s overall sales growth was 14.5 percent in July, 12.6 percent in September and 3.2 percent in November.