Costco and Emart Traders card payments hit record 1.45 trillion won in September
In short
Data firm Wiseapp Retail (와이즈앱·리테일) estimated that combined card payments at Costco and Emart Traders in September reached a record 1.45 trillion won. Each of the two chains also set its own record. Costco ranked 7th and Emart Traders 13th among offline retail brands by estimated payments, with Lotte Department Store first.
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Combined estimated card payments at Costco and Emart Traders reached a record 1.45 trillion won in September, according to app and payment data analysis firm Wiseapp Retail (와이즈앱·리테일). The firm released the figures on 20 October, and Asia Economy, Newsis, Yonhap and Dong-A Ilbo all reported them. [ 1 , 2 , 3 , 4 ]
Asia Economy, Newsis and Dong-A Ilbo said the two chains' individual estimated payments also each set record highs. Asia Economy said the result showed warehouse-style discount stores gaining presence in the retail market, as shoppers can buy bulk goods at relatively low prices amid high prices. [ 1 , 2 , 4 ]
Among offline shopping venues, Lotte Department Store drew the most payments in September. On an index setting its estimated payments at 100, Emart was second at 88.7 and GS25 third at 70.1. Shinsegae Department Store (69.8), NH Hanaro Mart (68.1) and CU (67.0) followed. Costco came 7th at 51.6, ahead of Hyundai Department Store (50.8), Olive Young (33.4), 7-Eleven (32.9), Lotte Mart (31.3) and Daiso (28.1). Emart Traders was 13th at 26.8. [ 1 , 2 , 4 ]
Asia Economy noted that Costco's estimated payments were above half of Lotte Department Store's. [ 1 ]
Wiseapp Retail estimated each brand's payments by sampling Koreans' credit and debit card records, according to Asia Economy and Yonhap. Dong-A Ilbo described it as a statistical estimate based on a panel of card payers. Payments by account transfer, cash and outside channels such as affiliates are excluded, so the figures can differ from companies' actual sales. Dong-A Ilbo quoted Wiseapp Retail as saying the data are estimates and may differ from reality. [ 1 , 3 , 4 ]
Dong-A Ilbo said warehouse-style discount stores have a higher share of bulk and bundled goods than ordinary large supermarkets and are often membership-based, as Costco is, so spending per visit can be large. It added that the data include no visitor numbers, per-person spending or sales share by item, so the cause of the September rise is hard to identify. Yonhap's headline gave the combined figure as about 1.5 trillion won, while its text gave 1.45 trillion won. [ 3 , 4 ]
Why it matters
The figures suggest warehouse-style discount stores are gaining weight among offline retailers in South Korea. The documents caution that these are estimates from card samples and differ from the companies' actual sales, and that they do not explain the rise.
Key facts
- Combined estimated payments at Costco and Emart Traders in September were 1.45 trillion won, the highest on record, according to Wiseapp Retail. [ 1 , 2 , 3 , 4 ]
- Costco's and Emart Traders' individual estimated payments each set record highs. [ 1 , 2 , 4 ]
- Lotte Department Store drew the most payments among offline shopping venues in September; Emart was second at 88.7 and GS25 third at 70.1 on an index where Lotte Department Store equals 100. [ 1 , 2 , 4 ]
- Costco ranked 7th (index 51.6) and Emart Traders 13th (index 26.8). [ 1 , 2 , 4 ]
- The figures cover credit and debit card payments only and exclude account transfers, cash and payments through outside channels such as affiliates. [ 1 , 3 , 4 ]
Confirmed by several sources
- Wiseapp Retail said combined estimated payments at Costco and Emart Traders in September were a record 1.45 trillion won. [ 1 , 2 , 3 , 4 ]
- Lotte Department Store had the highest estimated payments among offline shopping venues in September, with Emart second and GS25 third. [ 1 , 2 , 3 , 4 ]
- Costco ranked 7th and Emart Traders 13th by estimated payments. [ 1 , 2 , 3 , 4 ]
- The estimates exclude account transfers, cash and payments through outside channels such as affiliates, and differ from companies' actual sales. [ 1 , 3 , 4 ]
Still unclear
- Why September payments rose is not established. Dong-A Ilbo said the data include no visitor numbers, per-person spending or sales share by item, so the cause is hard to pin down. Asia Economy linked the growth to shoppers buying bulk goods at relatively low prices amid high prices.
- Exact size of the combined figure. Yonhap's headline says about 1.5 trillion won, while its text and the other outlets give 1.45 trillion won.
- How the estimates relate to the companies' actual sales. The outlets say the figures are sample-based estimates that may differ from actual sales; no actual sales figures are given.