"Future-Oriented Retail Breaking the On-Off Boundary" Vision of the Distribution Industry Seen Through the General Meeting of Shareholders

Shinsegae's 'Overwhelming No.1 Store in Commercial Area'
Emphasizing New Lifestyle Offering
Strengthening Emart On-Off Collaboration System
Hyundai Department Store Adds Social and Lifelong Education Projects

[Asia Economy Reporter Kim Yuri] On the 24th, Shinsegae, E-Mart, and Hyundai Department Store each held their shareholders' meetings, drawing attention as they promoted 'future-oriented retail' as an alternative in the post-COVID-19 era.

◆Shinsegae's 'No.1 Commercial District Store' Strategy

Shinsegae plans to strengthen its 'overwhelming No.1 commercial district store strategy.' Cha Jeong-ho, CEO of Shinsegae, emphasized at the shareholders' meeting held in Jung-gu, Seoul, "We will provide customers with a new lifestyle by reflecting regional characteristics in our content and attracting rare brands that can only be found in those locations."

To offer an 'experience beyond shopping,' the company will also intensify its art sales business within department stores, which began last year. To this end, it has added 'exhibition, sale, brokerage, and rental of artworks and related consulting services' to its business objectives.

◆Online-Offline Collaboration as a Survival Necessity

Kang Hee-seok, CEO of E-Mart, also stressed at the shareholders' meeting held at the headquarters in Seongdong-gu, Seoul, "We will boldly strengthen the collaboration system between online and offline." Kang said, "We must achieve rapid growth of online channels and secure differentiated competitiveness," adding, "We will expand in-store online PP (Picking & Packing) centers and organically collaborate to grow online channels through joint planning of online and offline products and strengthening live commerce."

Kang also announced that to enable flexible market response and business model innovation, the company will pursue strategic partnerships with external companies in various ways. A representative example is the 250 billion KRW equity swap between Shinsegae Group, including E-Mart, and Naver.

◆'Vision 2030' for a 40 Trillion KRW Sales Era

Hyundai Department Store stated that it will steadily pursue 'Vision 2030,' the group's blueprint for the next decade. Vision 2030 aims to open the era of 40 trillion KRW in sales by 2030. Kim Hyung-jong, CEO of Hyundai Department Store, said at the shareholders' meeting, "Despite the rapidly changing environment, we have successfully opened The Hyundai Seoul, the largest department store in Seoul, in Yeouido following premium outlets in Daejeon and Namyangju through active investment," and explained, "We are also strengthening online and digital capabilities in line with the non-face-to-face lifestyle by launching the premium food mall 'Hyundai Food Hall ToHome.'"

Hyundai Department Store has also added 'social education business and lifelong education business' to its business objectives. The company stated, "Department stores have become new cultural spaces offering various service facilities such as cinemas, cultural centers, and famous restaurants beyond simple sales facilities."

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