Galleria Luxury Hall Surpasses 1 Trillion Won in Annual Sales... Sales per Square Meter Also at Global Level

[Asia Economy Reporter Jo In-kyung] The luxury department store at Galleria Department Store in Apgujeong-dong, Seoul, has surpassed annual sales of 1 trillion won. It took 31 years since its opening in 1990.

On the 16th, Galleria announced that the luxury hall exceeded 1 trillion won in annual sales as of the previous day. Despite the prolonged COVID-19 pandemic, luxury demand has explosively increased, with sales up 31% compared to the same period last year as of November. By category, sales of high jewelry & watches such as Patek Philippe increased by 67%, luxury accessories like Chanel by 49%, and luxury menswear including Louis Vuitton men's by 35%, showing strong growth across all sectors.

This year, the luxury hall significantly expanded its high jewelry & watch offerings. Stores that were previously located together with luxury boutique brands like Chanel have been expanded to the luxury men's (West 4th floor) and luxury women's (East 2nd floor) floors. By early next year, the West 4th floor will be completed as a specialized hall gathering luxury men's brands such as Louis Vuitton, broadening the shopping options for male customers. The West 3rd floor, composed of women's clothing and shoes, has been newly renovated with brands favored by the MZ generation, and a luxury shoe zone will also be introduced.

Galleria's unique VIP marketing also played a key role in achieving the 1 trillion won sales club. This year, VIP sales (customers with annual purchases over 20 million won) accounted for about 40% of the luxury hall's sales, with sales increasing by 49% compared to the same period last year. In particular, the purchase amount of VIP customers who spent over 200 million won annually doubled compared to the same period last year.

As high-spending customers flocked in, Galleria luxury hall's monthly sales per pyeong (efficiency per unit area) rose beyond the highest domestic level to a level comparable to global department stores. It is expected to achieve 1.1 trillion won in annual sales and 11 million won in sales per pyeong by the end of the year. Assuming top global department stores record similar growth rates this year, it surpasses London's Harrods (around 6 million won per pyeong) and Paris Lafayette (around 9 million won), approaching the level of Shinjuku Isetan Department Store (around 12 million won per pyeong).

Galleria luxury hall business manager Kang Shin-ho said, "With sophisticated luxury brands and refined lifestyle content, we achieved the 1 trillion won sales club this year and earned the title of the world's best efficiency department store," adding, "We will further strengthen our status as a firmly established global luxury department store."

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