The Hyundai Seoul becomes fastest store to hit 1 trillion won milestone

The Hyundai Seoul in Yeouido, western Seoul [HYUNDAI DEPARTMENT STORE GROUP]

The Hyundai Seoul, Hyundai's department store located in Yeouido, western Seoul, surpassed 1 trillion won ($766 million) in sales within the shortest period among domestic counterparts in Korea, even without housing the three high-end brands — Hermès, Louis Vuitton and Chanel.

According to Hyundai Department Store Group, cumulative sales for The Hyundai Seoul this year (Jan. 1 to Dec. 2) have now surpassed 1 trillion won. The milestone was achieved just 2 years and 9 months after the store's opening in February 2021, shortening the previous record held by Shinsegae Department Store's Daegu branch, which took 4 years and 11 months.

The Hyundai Seoul targets the young and trendy as a picture playground

"We broke the conventional perception of department stores and introduced a new paradigm in retail," said Jeoung Ji-young, President and CEO of Hyundai Department Store. "The store's efforts in discovering fresh content, including unique K-fashion brands exclusive to The Hyundai Seoul, and the resulting increase in customer spending, played a pivotal role in achieving the 1 trillion won milestone in the shortest time."

The store's success can be attributed to its innovative strategies, appealing to millennials, Gen Z and foreign customers alike.

The Hyundai Seoul transformed half of its 89,100-square-meter (958-square-feet) operating space into Instagrammable customer relaxation areas. The store also secured popular online fashion brands, such as Matin Kim and Sie, as the first offline stores in the department store realm.

Continuous engagement and interest-piquing experiences were evident during over 320 pop-up events since its opening, surpassing 480 cumulative pop-ups by November this year. These pop-ups, spanning from Japanese basketball manga Slam Dunk to Everland panda sensation Fu Bao, played a pivotal role in drawing in the younger demographic.

Foreign customers also significantly contributed to the 1 trillion won milestone.

Foreign purchases at The Hyundai Seoul surged by 891.7 percent on-year from January to November this year, outpacing Hyundai Department Store's overall foreign sales increase rate of 305.2 percent. Of them, 72.8 percent of The Hyundai Seoul's foreign sales came from the 20 to 30 age group. This was driven by the consistent opening of K-pop idol group-related pop-up stores throughout the year, featuring popular bands like BTS, Blackpink, Le Sserafim and ITZY.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]