SEOUL, Aug. 18 (Korea Bizwire) – LG Electronics has opened a high-end showroom showcasing built-in home appliances for the first time in South Korea, as the electronics giant ramps up efforts to target the built-in white goods market in its home country.
The very first showroom store named after LG’s premium ‘Signature Kitchen SUITE’ brand opened on Thursday in the Gangnam District’s Nonhyeon neighborhood, one of the busiest areas in Seoul.
Standing tall with a gross floor area of 1,918 square meters, the striking store is a trendy-looking five-storey building sporting an all-glass facade, leaving onlookers with a luxurious impression.
Inside, the large showroom has a wide range of LG home appliances on display, including refrigerators, electronic ovens, microwaves, stovetops and dishwashers from the Signature Kitchen SUITE brand, while other areas will be used as venues to hold high-end cooking classes.
In respect for the concept of a place where ‘life becomes art’, artworks including one which award-winning American architect Thom Mayne took part in the making of will also be on display.
In the past, the built-in home appliance market in South Korea has centered around construction and furniture companies, as business to business deals account for nearly 80 percent of the 600 billion won market.
However, LG’s decision to take advantage of the growing interest among South Korean consumers in interior design that caters to personal preference could reshape the landscape of the high-end built-in home appliances market.
“As home appliances such as refrigerators, ovens and stovetops take up considerable space in the kitchen, more households are expected to choose furniture and remodel their kitchen based on household appliances,” an LG official said.
The international built-in appliance market is currently estimated to be 45 billion dollars in value.
However, competition in the premium product market, which accounts for around 15 percent, is thought to be much more intense, as industry experts predict a growth rate three times higher.
Against this backdrop, a significant number of international brands including Miele, Sub-Zero & Wolf, Thermador and Monogram are competing fiercely with each other in the world’s biggest market – the U.S.
Following the opening of the first Signature Kitchen SUITE showroom in South Korea, LG is set to branch out into the American market by opening a similar store there early next year.
Ashley Song (email@example.com)