Department stores lure business with discounts

The first sales of the New Year will kick off at Korea’s major department stores beginning Jan. 2 and will continue until Jan. 19, a day longer than last year’s New Year sales.

Lotte Department Store said it will offer 30 percent to 70 percent discounts on 60 brands of women’s wear. At its main store in Sogong-dong, central Seoul and at its store in Jamsil, southeastern Seoul, Lotte will hold the First Regular Sales of 2014, the Year of the Horse on Jan. 2, selling lucky bags to customers. When customers put certain items in the lucky bags, they will receive discounts of 30 percent to 70 percent.

The three types of lucky bags will sell for 30,000 won ($28.50), 50,000 won and 70,000 won. Earrings and necklaces can be put in the 30,000 won lucky bag, coats and down jackets can be placed in the 50,000 won bag and jackets and sneakers can be put in the 70,000 won bag.

At eight stores, 50 young fashion brands will have sales of 50 percent off. Additional discounts will be offered to customers on a first-come, first-served basis. The stores include branches in Nowon District, northern Seoul, Anyang and the Guri store in Gyeonggi.

For New Year, the chain is also giving away a 50 million won cruise ship pass spanning 40 global cities to one lucky customer, courtesy of Costa Cruises.

“We prepared our first regular sales event for next year with a wish that all the hopes and dreams of our customers will come true in 2014,” said Chung Seung-in, executive director of Lotte Department Store.

Hyundai Department Store will hold its Power Sale, cutting prices by up to 70 percent. Luxury lingerie will be discounted by up to 80 percent.

Hyundai will hold sales on traditional casual clothing brands such as Polo, Tommy Hilfiger and Bean Pole.

Those brands will also sell 2013 summer season products to meet demand from people who go abroad to warmer countries during their winter vacations.

Shinsegae Department Store will hold a series of sales on winter fashion items such as furs, outerwear, boots and gloves. Its sales of winter fashions were slack with the warmer temperatures this November and December.

“In the department store industry, when consumer confidence improves with the New Year sales rush, the market will likely revive not only during the Lunar New Year holiday season but also the entire year,” said Choi Min-do, who is responsible for business strategy at Shinsegae Department Store.

Galleria Department Store will hold its New Year sales for 20 days starting on Wednesday, a day earlier than the other stores. Galleria Department Store’s Luxury Hall will offer 20 percent to 30 percent discounts on fashion products from brands such as Tory Burch, Loro Piana and Miss Gee Collection. Its Suwon store will discount casual brands by 30 percent and young casual brands by 20 percent to 30 percent.

AK Plaza will give 10 percent to 30 percent discounts on all product lines including handbags, shoes, men and women’s clothing, jewelry, sports goods and home appliances at all of its stores from Thursday through Nov. 19.

BY KIM JUNG-YOON [kjy@joongang.co.kr]