Seoul, South Korea – Shinsegae Department Store’s Gangnam branch has once again set a new record, surpassing 3 trillion won in annual sales. The company announced on November 28th that the Gangnam branch achieved this milestone, nearly a month earlier than last year when it first broke the 3 trillion won barrier for a single retail facility in Korea.
According to Shinsegae, the Gangnam branch recorded the highest sales growth rate of 8.6% among all its nationwide stores this year. While its loyal VIP customer base, which accounts for half of its sales, played a significant role, the store also attracted a substantial number of new customers and foreign tourists, accelerating its path to the 3 trillion won mark.
In fact, the number of new customers increased by 25% this year compared to the previous year, and foreign customer visits surged by a whopping 310%. Consequently, foreign sales at the Gangnam branch skyrocketed by over 310%.
The store's recent renovations, including the opening of a specialized dessert zone called “Sweet Park” in February and the launch of “House of Shinsegae,” which features a premium food hall and wine shop in June, have significantly contributed to its success. These new spaces have generated substantial related sales, with nearly 70% of customers transitioning from exploring the new areas to making purchases. Sweet Park alone attracted over 9.5 million visitors in the nine months since its opening, driving a new dessert craze in Korea.
The department store’s various pop-up stores have also been instrumental in drawing in customers. In addition to the existing pop-up space, “The Stage,” Shinsegae Gangnam opened “Open Stage,” a new exhibition and experience-based pop-up zone that leverages the high ceiling and open space of the Central City 1st floor plaza. The number of customers visiting Shinsegae Gangnam this year has exceeded 60 million (including repeat visits), with a notable 25% increase in non-metropolitan area shoppers.
Looking ahead, Shinsegae Gangnam plans to unveil Korea’s largest food hall spanning 6,000 pyeong (approximately 20,000 square meters) next year. Aiming to create a “culinary world,” the store initiated its food hall renovation with Sweet Park earlier this year. The renovation will be completed in phases, with the opening of a food market (supermarket) in March, followed by a deli (ready-to-eat foods), cafe, and health section in August.
Park Joo-hyung, CEO of Shinsegae Department Store, said, “The Gangnam branch has taken a significant leap forward, going beyond achieving the milestone of being the first single store in Korea to surpass 3 trillion won in sales. We will continue to drive retail innovation to solidify our position as a global landmark, exceeding our status as the number one department store.”
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