Shinsegae Department Store Gangnam Branch, First Single Retail Facility to Achieve Annual Sales of 3 Trillion Won

Following Harrods in London and Isetan Shinjuku in Japan,
'3 Jo Department Store' Sets New Record in Korean Retail Industry

Shinsegae Department Store made a mark in the Korean retail industry last year as its Gangnam branch surpassed annual sales of 3 trillion won. It was the first time for a single retail facility. Globally, department stores with annual sales exceeding 3 trillion won are rare, including Harrods in London, UK, and Isetan Shinjuku in Japan. Since its opening in 2000, Shinsegae Department Store Gangnam branch achieved 1 trillion won in sales in the shortest period by 2010, and in 2019 became the first store in Korea to reach 2 trillion won in sales. Last year, just four years later, it broke through the 3 trillion won barrier, earning the title of 'first' once again.

Exterior view of Shinsegae Department Store Gangnam Branch. [Photo by Shinsegae Department Store]

Based on its landmark project, the 'Regional No. 1 Store Strategy,' Shinsegae Department Store is setting new records at various branches nationwide besides the Gangnam branch. For example, Busan Centum City branch was the first local department store to surpass 1 trillion won in annual sales in 2016, and last year it exceeded 2 trillion won in annual sales. Daegu Shinsegae, along with Centum City, is the only regional store housing 'EruSha' and achieved the industry's shortest period to surpass 1 trillion won in annual sales in 2021.

Daejeon Shinsegae is regarded as a new-concept, future-oriented department store that integrates culture, arts, and science. Since its opening in 2021, it recorded a quarterly profit within two quarters and an annual profit within one year. Gwangju Shinsegae, established as a landmark in the Gwangju and Honam region, will be reborn as a future-oriented premium department store combining the strengths of Daejeon Shinsegae. A Shinsegae representative stated, "We plan to further solidify the Shinsegae brand as a leader in 'art retail,' naturally blending cultural and artistic content into shopping spaces."

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