More than 26,000 retailers across the country started massive promotional sales events on Thursday, wooing foreign tourists and locals to buy goods at cheap prices, which the government hopes will help stimulate sagging domestic demand.

Under the title, Korea Black Friday, home appliance makers such as Samsung Electronics Co. will also hold various sales events for two weeks.

The super sales event is expected to involve some 27,000 stores and markets across the country, making it the very first and largest nationwide sales event.

Asia's fourth-largest economy has been hit hard by sagging exports and still weak consumer spending. Outbound shipments fell 14.9 percent on-year in August and 6.3 percent for the first eight months of this 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 in the mega sales event, with upwards of 50-70 percent price cuts to be offered to consumers, according to the government.

The government said some 75 percent of all department stores, 90 percent of large discount chains and 95 percent of convenience stores will slash prices during the sales period. It added a further 56 percent of online shopping malls and some large restaurant chains will offer discounts. (Yonhap)