Jeong Yu-kyung's MZ Design ... "7 Gucci · 6 Chanel Worked"

Shinsegae Department Store Gangnam Branch's Secret to Being World No.1
Industry's First Specialty Hall 'Baek Gallery'... Selling 2030 Preferred Brand Accessories
Wine Shop, Perfume, Skincare on 1.5th Floor... Art Space with 120 Works Also Plays a Role

The annual sales of Shinsegae Gangnam Store have surpassed 2.4 trillion KRW and are approaching the 2.5 trillion KRW mark, securing its position as the world's number one department store. This achievement is largely attributed to catering to the discerning tastes of the MZ generation (Millennials + Generation Z) and boldly investing in store renovations even amid the COVID-19 pandemic to differentiate itself from competitors. In particular, Jung Yoo-kyung, Shinsegae’s General President (pictured), ordered during the large-scale renovation process to "increase the added value of the store through spatial innovation," which is credited with creating a distinctive space.

Shinsegae Surpasses Japan and Europe

Currently, Shinsegae Gangnam Store’s sales stand at 2.4 trillion KRW, and depending on the December closing, it is expected to closely approach 2.5 trillion KRW. This is anticipated to rewrite the global department store market rankings. With Shinsegae Gangnam Store firmly holding first place, Galeries Lafayette in Paris, France, is expected to rank second with sales in the 2.2 trillion KRW range. Previously ranked first and second, Japan’s Isetan Shinjuku and Hankyu Umeda are expected to fall to third and fourth places respectively, recording sales in the low 2 trillion KRW range due to lockdown measures caused by COVID-19.

The reason behind Shinsegae Gangnam Store’s world number one status lies in its innovation that breaks stereotypes. It broke the formula of 'department store first floor = luxury brands' by unveiling the largest-scale ultra-large cosmetics and accessories store in Korea. The ‘Bag Gallery,’ which exclusively sells handbags from luxury brands favored by the MZ generation such as Gucci, Fendi, and Burberry, was also introduced. When subdivided by category?fashion, accessories, cosmetics, jewelry?there are seven Gucci stores, six Chanel stores, four Herm?s stores, and three Louis Vuitton stores all within a single department store.

For the first time in the department store industry, a mezzanine space concept between the first and second floors of the main building was opened. This space features a Burgundy wine shop, the French premium ceramic brand ‘Astier de Villatte,’ luxury perfume and skincare stores, among others. On the third floor, which was renovated last year, an ‘Art Space’ filled with over 120 paintings, photographs, objects, and sculptures was opened, gaining great popularity among the MZ generation who are interested in art investment.

Luxury Specialty Hall Captivates MZ Generation

Not only expanding in size but also introducing the industry’s first ‘specialty hall’ system, which organizes all products by category in an edited store format, greatly contributed to satisfying the consumption desires of the MZ generation and driving growth.

'The Stage,' introduced on the first floor of the Gangnam Store, is an exclusive popup space for global luxury brands. Prestigious global luxury brands such as Gucci, Valentino, Dior, Bottega Veneta, and Louis Vuitton have consecutively opened popup stores here, proving its popularity. For luxury brands that need to attract new young customers highly interested in luxury goods, Gangnam Store has become the optimal place to meet customers with high purchasing potential while maintaining their premium image.

Son Young-sik, CEO of Shinsegae Department Store, said, "The Gangnam Store, which is the first in Korea to achieve annual sales of 2 trillion KRW for two consecutive years, has now established itself as a global department store beyond Korea. We will continue to solidify its position as Korea’s ‘landmark department store’ sought after by customers not only domestically but worldwide."

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