SEOUL, Jan. 7 (Korea Bizwire) — 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 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 in 2019.
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 remodeling in 2016, in a move to provide a better luxurious in-store shopping experience by organizing items based on themes rather than brand.
The country’s three major players — Lotte, Hyundai and Shinsegae — account for about 80 percent of the sector’s sales in the country.