Reporter Park Jong-minThe Hyundai in Yeouido, Seoul, which opened last year, showed off its flair, surpassing 8,000 won in sales within a year of opening.
Hyundai Department Store announced on the 27th that ‘The Hyundai Seoul’ in Yeouido, Seoul, which opened on February 26 last year, posted sales of 850 billion won over the past year, exceeding its original sales target of 630 billion won by more than 30%. Hyundai Department Store emphasized, “This is a new record for sales in the first year of opening of a domestic department store.”
As the secret to The Hyundai Seoul’s good performance in Yeouido, where the weekend floating population is decreasing due to its densely located office area, Hyundai Department Store cited the fact that the MZ generation (generation born in the 1980s and 2000s) came to the department store.
The Hyundai Seoul put forward the concept of ‘healing through shopping’ (retail therapy), and half of its total business area was decorated with indoor landscaping or customer rest areas, not sales facilities. In addition, it targeted the MZ generation by entering stores that are difficult to find in department stores, such as unmanned stores, sneakers resell (resale) stores, and luxury watch resell stores.
This strategy coincided and it began to gain popularity among the MZ generation, and the proportion of customers in their 20s and 30s in The Hyundai Seoul’s sales was 50.3%, more than double the proportion of sales in their 20s and 30s at 15 other Hyundai Department Stores’ 15 stores. done. As for the number of purchase customers, those in their 20s and 30s accounted for 19.3% and 38.9%, respectively, with 58.2% of customers in their 30s and younger.
Hyundai Department Store plans to introduce many popular brands to the MZ generation this year, strengthen luxury brands, and exceed 1 trillion won in sales next year.
Hyung-Jong Kim, president of Hyundai Department Store, said, “The Hyundai Seoul is meaningful in that it brings the MZ generation, who are accustomed to online shopping, back to the department store with a differentiated spatial composition and content.”