Hyundai Department Store Pangyo Branch Opens 'Piaget Boutique'... 9th Store in Korea

[Asia Economy Reporter Cha Min-young] Hyundai Department Store announced on the 22nd that it has opened a boutique of Piaget, a Swiss luxury jewelry and watch brand with a 146-year tradition, on the first floor of its Pangyo branch.

Piaget is a representative imported luxury brand that limits the number of its stores, and this is the first time a Piaget boutique has been established in the Gyeonggi and Incheon areas at Hyundai Department Store Pangyo. The Pangyo store opening this time is Piaget's ninth store in Korea.

To commemorate the opening of the Piaget boutique, Hyundai Department Store will showcase a large Christmas tree measuring 7 meters wide and 10 meters tall, decorated with the Piaget logo and various colorful jewels, in the central plaza on the first floor of the Pangyo branch until the 31st of next month. This is the first time a Piaget Christmas tree has been displayed in Korea.

With the opening of the Piaget boutique, Hyundai Department Store Pangyo now boasts a luxury lineup comparable to department stores in the Gangnam area of Seoul. Currently, the Pangyo branch houses 21 high-end luxury brands including Louis Vuitton, Gucci, Saint Laurent, Cartier, Tiffany, Jaeger-LeCoultre, Omega, and IWC. This is the largest scale among department stores in the Gyeonggi and Incheon regions outside Seoul.

A Hyundai Department Store official said, “There are many young customers in their 30s and 40s with high income levels near the Pangyo branch, so luxury consumption is active. We expect a significant increase in customers visiting Pangyo for luxury shopping with the opening of the Piaget boutique.”

In fact, from January to October this year, the proportion of luxury sales by customers in their 20s to 40s at the Pangyo branch was 57.1%, which is more than 15 percentage points higher than the average of 48.0% across Hyundai Department Store’s 15 branches.

In particular, the number of “expedition shoppers” traveling more than 10 km to purchase luxury goods at the Pangyo branch has also increased significantly this year. Analyzing customers who purchased luxury goods at the Pangyo branch from January to October by region shows that sales from customers living more than 10 km away increased by 15.7% compared to the same period last year.

A Hyundai Department Store official said, “The Pangyo branch, now in its sixth year since opening, is changing the shopping map of the southern metropolitan area with its overwhelming scale and top-tier luxury brands in Korea. With improved transportation accessibility, luxury shoppers from Gwangju, Icheon, Anyang, Gwacheon, and other areas in Gyeonggi Province are gradually increasing, and we expect the status of Pangyo as a shopping mecca in the metropolitan area to become even stronger.”

This content was produced with the assistance of AI translation services.