Local retailers in Busan have started offering large discounts as the Korea Black Friday event began today.
Four Lotte Department stores in Busan are offering discounts for 580 brands in their stores.
Centum City’s Shinsegae Department Store will mark down items in its outdoor, golf, imported children’s clothes, and imported kitchen wares sections.
Large supermarkets in the city are also taking part in the Black Friday event by selling discounted fresh food and homewares.
Nationwide, more than 26,000 retailers across the country started massive promotional sales events today, wooing foreign tourists and locals to buy goods at cheap prices.
The government has expressed hope the promotions will stimulate sagging domestic demand.
Under the title, Korea Black Friday, home appliance makers such as Samsung Electronics will also hold various sales events for 2 weeks.
Asia’s fourth-largest economy has been hit hard by sagging exports and still weak consumer spending.
Outbound shipments fell 14.9% on-year in August and 6.3% for the first eight months of the year.
By promoting spending, the country can make up for falling exports and generate much-needed growth.
Luxury department stores, large discount chains, convenience stores, traditional markets and even online shopping malls will take part, with discounts of up to 50-70%, according to the government.
Source: Busan eFM News
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