From Oct. 1-14, about 200 of the country’s most powerful retailers will give out discounts of up to 70 percent for both global and domestic shoppers.

Dubbed “Korea’s Black Friday” after the popular massive sales promotion on the last Friday of November in the U.S., the two-week sales promotion is designed to boost the retail industry, the Industry Ministry said Tuesday.

Participants include Lotte, Shinsegae, Hyundai Department Store, Galleria and AK, as well as their online retail outlets, alongside E-Mart, Homeplus, Lotte Mart, IKEA, BBQ, VIPS, Moms Touch and others. The outlets amount to nearly 26,000 across the country.

Sixteen e-commerce online shopping retailers, including 11st and GMarket, will also join the event, giving overseas consumers access to the event.

Large supermarkets who are required to close two Sundays a month will be exempt from the regulation during the period, while authorities will support promotion programs such as raffles. Credit card companies will give free installment programs to lighten the load on shoppers.

“The annual Korea Grand Sale targeting foreign tourists has shown gradual success, thus having an optimistic impact on the local retail market. We are planning to hold the Black Friday event on a regular basis so that both Koreans and foreigners could enjoy shopping home and away,” a ministry official said.

By Bae Ji-sook (baejisook@heraldcorp.com)