Fancy stores find ways to lure Chinese shoppersKorean department stores are beefing up their marketing campaigns to attract wealthy Chinese tourists in efforts to deal with sluggish domestic demand, industry sources said yesterday.
Transactions made with China’s UnionPay credit cards at Korea’s Lotte Department Store soared 180 percent over the January-July period from a year ago, according to the sources. Many Chinese tourists use the UnionPay card when they shop abroad.
Lotte Department Store, owned by the country’s biggest retailer Lotte Shopping, put up a big advertisement board on the wall of its store in downtown Seoul in order to appeal to the Chinese tourists who like to buy expensive luxury goods and cosmetics. The Korean company also gives Chinese shoppers additional discounts on popular fashion brands.
Galleria Department Store, run by Hanwha Galleria, saw a 121 percent jump in revenues of luxury items sold to Chinese shoppers over the seven-month period, according to sources.
The retailer started to accept the Chinese yuan and Hong Kong dollar, as well as currency exchange services.
Two other big stores, Hyundai Department Store and Shinsegae Department Store, also joined the move. Yonhap