Korea department stores hit by declining Chinese tourists

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Aug 2017
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Korea department stores hit by declining Chinese tourists
Korea department stores hit by declining Chinese tourists


Political tensions between Beijing and Seoul have been affecting sales at South Korea's department stores: Hyundai reported a decline of 16% compared to a year ago, Lotte has said that sales from Chinese tourists have halved. Shinsegae has been less affected since Chinese tourists account for only 10% of sales. In total, the number of Chinese tourists travelling to South Korea plunged 66.4% to 255 000 in June, year on year. The Chinese government has tightened its control on tourists visiting Korea as part of its retaliation over the deployment of a US missile defence system in Seongju.