South Korea Retail Sector Market Insights Forecasts to 2032

• The South Korean Retail Sector Market Size was valued at USD 473.61 Billion in 2022.
• The Market Size is Growing at a CAGR of 4.46% from 2022 to 2032.
• The South Korean Retail Sector Market Size is expected to reach USD 732.69 Billion by 2032.

The South Korea Retail Sector Market Size is expected to reach USD 732.69 Billion by 2032, at a CAGR of 4.46% during the forecast period 2022 to 2032. During the coronavirus pandemic, online shopping trends propelled the retail industry to further market growth. Smartphone penetration is increasing traffic on e-commerce websites, facilitating market growth during the forecasted period.

Market Overview

Retail is the method by which producers of goods and services deliver their products to consumers. Retailers frequently obtain their products directly from the manufacturer. This is the point at which a commodity becomes a finished product. They can also purchase the products from a middleman known as a wholesaler or distributor. The retail industry includes the sale of goods through stores, kiosks, and even via mail or the Internet. Retail services imply the use of a building or a portion of a building by people who sell goods to customers. Retailers meet demand by utilizing a supply chain. The retail industry necessitates several strategic-level decisions, such as the type of store to be opened, the market to be served, and others.

Report Coverage

This research report categorizes the market for South Korean retail sector market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korean retail sector market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korean retail sector market.

Driving Factors

In the coming years, the market is expected to be boosted by an increase in the number of improved public infrastructure, such as high-end supermarkets, trendsetting brands, and cutting-edge movie theaters. The market is expected to be propelled by rapid growth in retail businesses such as online retailing, convenience stores, and others during the forecast period. Increased investments by market key players in aggressive marketing and brand promotional activities are expected to boost the South Korean market during the forecast period.

Restraining Factors

Price differences between online and brick-and-mortar stores are restricting the retail industry market. The impact of the pandemic slows the rate of economic growth, which is one of the factors that can hamper market growth during the projected period.

Market Segment

• In 2022, the personal care & household segment accounted for the largest revenue share over the forecast period.

Based on product type, the South Korea retail sector market is segmented into personal care & household, food & beverages, tobacco products, furniture, toys & hobby. Among these, the personal care & household segment has the largest revenue share over the forecast period. According to Korean culture and standards, beauty and appearance are important features, so the demand for beauty products and surgeries is always high among the population to achieve the look they desire. Product innovation, the use of sophisticated ingredients, and appealing packaging are always on display, stimulating the market.

• In 2022, the online segment accounted for the largest revenue share over the forecast period.

Based on distribution channel, the South Korean retail sector market is segmented into specialty stores, online, department stores, hypermarkets/supermarkets, and convenience stores. Among these, the online segment has the largest revenue share over the forecast period.  Since the massive reach of IOT, and the increased number of local and global retailers on the digital platform offering their products and services to the population, offering a diverse range of products and a better shopping experience for shoppers. The market is also expected to grow as retailers increase their promotional activities on digital platforms.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korean retail sector market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Holdings Corporation Limited
• Everyday Retail Company Limited
• Hyundai Home Shopping Network Corp.
• Mega Mart Co. Ltd
• Shinsegae Department Co. Ltd
• 7-Eleven
• E-Mart Inc.
• Costco Wholesale Korea Ltd
• Homeplus Co. Ltd
• Grand Department Store Co. Ltd

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In May 2023, Hyundai Home Shopping Network Corp., one of South Korea's largest home shopping companies, officially launched its artificial intelligence (AI) service at its call centers for the first time in the industry.

• In March 2023, NuZee, Inc., a leading coffee co-packing company, announced today that its pour-over coffee format is now available at Costco Wholesale ("Costco") warehouses in the United States and South Korea.

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korean Retail Sector Market based on the below-mentioned segments:

South Korean Retail Sector Market, By Product Type

• Personal Care
• Household
• Food & Beverages
• Tobacco Products
• Furniture
• Toys & Hobby

South Korea Retail Sector Market, By Distribution Channel

• Specialty Stores
• Online
• Department Stores
• Hypermarket/Supermarket
• Convenience Stores