South Korean Government Holds Korea Black Friday Today Until October 14, Featuring Up To 80 Percent Discount From 27,000 Shops

by Czarelli Tuason / Oct 01, 2015 02:06 AM EDT

Homeplus retail store in South Korea | By: Jung Yeon Je | Getty Images

A government-initiated Black Friday event in South Korea is set to increase market sales in 27,000 online shops, convenience stores, department stores and supermarkets, with up to 80 percent of discount from Oct. 1-14, reported Korea JoongAng Daily on Thursday.

Participating establishments include South Korea's top chain Lotte Department Store, which will give discounts on 580 brands, and rival Shinsegae Department Store, which will give 80 percent discount on outdoor brands such as North Face, Black Yak, Kolon Sport and K2.

E-Mart will also choose 1,000 top household items to sell with 50 percent off. Even convenience stores that rarely participate in sales event will also offer discounts. Top convenience store chain CU increases the points system of its loyalty program.

Korea Times noted on Wednesday that the government has pushed for the sales event taking cue from the U.S.'s annual Black Friday that begins on the Friday after Thanksgiving Day, which also marks the beginning of the Christmas shopping season. The move is aimed towards boosting the domestic consumption of South Korea and to lure big-spending tourists, especially those from China and neighboring Asian countries.

The publication also added that Auction and other online shops will offer discount coupons to online shoppers. BGF Retail is also implementing a 50 percent discount to shoppers, along with a higher bonus points. Home Plus is also set to offer 40 percent off on home electronics and household products in 140 of its outlets across South Korea.

"We have selected a list of extensive grocery and non-grocery items popular with shoppers," says a Home Plus official. "We really hope that the upcoming Black Friday campaign will help bolster domestic demand."

Korea Black Friday marks the second phase of a two-phase shopping promotion weeks (Sept. 14 until Oct. 14), with the first phase occurring a week before the Chuseok holiday.