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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Department Store The Hyundai Seoul announced on the 3rd that its annual sales exceeded 1 trillion won in two years and nine months after its opening. It is the shortest record among domestic department stores.
According to Hyundai Department Store, Hyundai Seoul's cumulative sales (January 1 to December 2) reached 1.41 trillion won this year, making it the "1 trillion won store in annual sales" 33 months after its opening on February 26, 2021. This moved up the previous record by two years and two months.
The achievement of 1 trillion won in sales through the unfavorable conditions of the prolonged COVID-19 and the economic recession is largely because it has emerged as a "must-see course" among foreigners as well as Koreans from all over the country along with the pandemic.
In fact, Hyundai's foreign sales in Seoul rose 731.1% year-on-year last year, followed by a 891.7% increase in January-November this year. It is nearly three times the average growth rate of foreign sales (305.2%) of Hyundai Department Store. The proportion of foreign customers in their 20s and 30s reached 72.8% among Hyundai's foreign buyers in Seoul, showing the aspect of "Global MZ Holy Land."
For foreign visitors, the strategy was to aggregate K-culture, which is of high interest to foreigners in the formation of an unconventional space that breaks the framework of department stores, such as nature-friendly interior and wide rest areas. This year alone, pop-up stores related to top idol groups such as BTS (March), Le Sserafim (May), Ive (June), ITZY (August), and Black Pink (September) were held steadily in Hyundai Seoul.
Unlike the weakening status of the offline distribution industry around the world, foreign companies are also flocking to Seoul to benchmark their operational know-how.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
