Hyundai Department Store Opens Off-Price Store 'Offworks 3rd Branch'

Hyundai Department Store will open the third Off-Price Store "Offworks" on the 2nd floor of Hyundai Premium Outlet Songdo on the 25th.

[Asia Economy Reporter Lim Chun-han] Hyundai Department Store announced on the 22nd that it will open the third Off-Price Store "Offworks" on the 2nd floor of Hyundai Premium Outlet Songdo on the 25th.

Offworks is an off-price store opened by Hyundai Department Store in 2019 to enhance the competitiveness of its outlet business. An off-price store is a store where retailers directly purchase inventory products from famous brands and sell them at higher discount rates than regular outlet products. The discount rate at off-price stores ranges from 40% to 70% off the original selling price, which is about 10 to 20 percentage points higher than the typical outlet product discount rate (30% to 50%).

The third Offworks store has a total area of 345㎡ (approximately 105 pyeong) and offers over 100 fashion, accessories, and living brands' past season products and new items. Past season products are sold at discounts of 40% to 80% off the original selling price, while new items are discounted by 15% to 25%. Notably, the quantity of overseas fashion brand products has been increased more than twofold compared to the previous two stores.

To commemorate the opening of this store, a promotion will be held until the 5th of next month, offering an additional 10% to 30% discount on past season products from over 10 brands including Premiata, Theory, and Saint James, on top of the existing selling prices.

A Hyundai Department Store official stated, "Offworks plays a key role in attracting customers to outlet stores, with new customers accounting for 30% to 40% of all store purchases," and added, "We plan to gradually increase the number of stores centered on the eight outlets currently operating nationwide."

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