Shinsegae has VIP deal with Saks Fifth Avenue
Shinsegae Department Store has signed a partnership agreement with Saks Fifth Avenue, an upscale department store chain based in New York City with 39 stores in the United States.
Shinsegae’s VIP customers - shoppers who spend more than 8 million won ($7,300) per year - will get VIP treatment at Saks Fifth Avenue stores in the United States, the company said.
VIP perks include a Korean-speaking personal shopper, access to a lounge and fashion shows, free shipping to Korea, limousine pickup, and personalized welcome gifts.
“A lot of our VIP customers frequently visit the United States, and we wanted to make their shopping more convenient during their visit through a partnership with a U.S. peer,” said Shinsegae spokesman Hong Sung-min.
Saks Fifth Avenue was chosen after a study showed customers with Citicard and Samsung Card, two of Shinsegae’s partner credit card issuers, spent more money there than at other U.S. retailer.
Saks Fifth Avenue’s VIP customers will get similar perks when they visit Korea: access to Shinsegae’s lounge at Incheon International Airport and VIP lounges at Shinsegae stores, personal shopper and translation services, invitations to performances and cultural shows, and concierge assistance with travel in Korea.
Interested customers must enroll in the VIP program prior to their visit. The program is not valid for online shopping.
Shinsegae also plans to collaborate with Saks Fifth Avenue on product offerings.
“As the retail environment gets tougher, we have to think of unique ways to differentiate ourselves from our rivals. We hope to a create uniquely exclusive line of products from our partnership with Saks Fifth Avenue in the near future,” Hong said, adding that details of product lines have not yet been decided.
Saks Fifth Avenue, owned by Hudson’s Bay Company, has its headquarters and flagship store in Midtown Manhattan and competes with high-end specialty stores like Barneys New York and luxury retailers like Neiman Marcus and Bloomingdale’s.
By PARK JUNG-YOUN [firstname.lastname@example.org]