Magazines Archives - 2009 November

14th APRCE drives home retailers’ role in the economy
Story 2 - Special Review

Seoul hosted the 14th Asia-Pacific Retailers Convention and Exhibition (APRCE) from October 14-17. The biennial event, which returned to the South Korean capital for its second run since its inception in 1983, attracted some 3,800 participants from 24 Asia-Pacific countries.

By far the largest retail convention in the region, the 14th APRCE, themed “Retail for the future of Life and Economy”, has also been dubbed the “Retail Olympics” of the Asia-Pacific.

It was co-organised by the Korea Chamber of Commerce & Industry (KCCI), the Korean Retailers Association (KRA) and the Federation of Asia-Pacific Retailers Association (FAPRA); and supported by Korea’s Ministry of Knowledge and Economy, Ministry of
Foreign Affairs and Trade, the Korean Department Store Association and the Korean Chainstore Association.

At the opening ceremony, convention and KCCI chairman Sohn Kyung Shik drew attention to the retail industry’s dominant role in the nation’s economy, which accounted for 7.3% of
the country’s gross domestic product, and the second largest industry behind manufacturing. He also noted that, last year, the retail industry provided for 15.4% of employment in South Korea.

And with increasing competition within the industry, coupled with emerging trends and changes in consumption, retailers are facing “a very important turning point”.

“[Modern retail] is about introducing new ideas to create a new lifestyle and a better quality of life. “Retail businesses lead to an affluent lifestyle by providing consumers’ needs
to producers [and vice versa], rather than the simple commodity mediation role,” Sohn maintained.

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