Shinsegae department store sets sales record as foreigners splurge in Gangnam
Shinsegae Department Store, one of South Korea’s leading retailers, said Tuesday that its outlet in Gangnam, an affluent area in southern Seoul, reported 2 trillion won (US$1.7 billion) in accumulated sales last year.
It marks the first time for a single-department store branch to achieve the 2 trillion won milestone, the company said.
Lotte Department Store, another leading player, earlier said its branch in Myeongdong in downtown Seoul generated 1.8 trillion won in sales last year.
Shinsegae attributed its stellar performance to increased visits by foreign shoppers as its Gangnam outlet is adjacent to a number of five-star hotels, including the JW Marriott Gangnam.
Most of the top-buying foreign shoppers were from China, Taiwan and Russia, the company said.
The store also underwent major remodelling in 2016, in a move to provide a better luxurious in-store shopping experience by organising items based on themes rather than brands.
The country’s three major players — Lotte, Hyundai and Shinsegae — account for about 80 per cent of the sector’s sales in the country.
- Original reporting by Yonhap, via Korea Bizwire.