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break9874@naver.com

 

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Hyundai Department Store Pangyo branch breaks through Corona 19.. Annual sales exceed 1 trillion in the shortest period
-Reporter Choi Ae-ri

 

Hyundai Department Store's Pangyo branch exceeded 1 trillion won in annual sales after 5 years and 4 months of opening. It has won the title of ¡®Joining a trillion club in a domestic department store in the shortest period.¡¯


Hyundai Department Store announced on the 11th that the Pangyo branch had accumulated sales of 1.74 trillion won last year (January-December). This is a 9.4% increase from sales of 920 billion won in 2019.


The reason why Hyundai Department Store's Pangyo Branch sales exceeded 1 trillion won is attracting attention because it has been achieved in a situation where offline distribution channels are experiencing great difficulties due to the prolonged Corona 19. In fact, among the 15 Hyundai Department Store stores, only two stores with sales in 2020 increased from the previous year, the Pangyo branch and the Apgujeong headquarters (3.5% increase from the previous year). That means that the business environment of department stores was not smooth.


In response, Jung Ji-sun, chairman of Hyundai Department Store Group, said, "It is meaningful that Pangyo Branch achieved sales of 1 trillion won even in difficult business environments such as the prolonged Corona 19," encouraging employees and expressing gratitude for their hard work.


Hyundai Department Store's Pangyo branch opened for only four months in the first year of its opening based on the largest operating area in the metropolitan area (92,578m2, 28,055 pyeong), and after reaching sales of 300 billion won, it has grown by 5-10% every year. Continues. Considering that sales in 2016, the year after the opening, were 725 billion won, sales surged by nearly 40% in four years.


Following the explosive growth of the Pangyo branch, Hyundai Department Store is the driving force behind 1 trillion won in sales.¡âThe highest level of MD competitiveness in domestic department stores ¡âProvides new shopping and cultural experiences to customers ¡âPossess a core customer base with purchasing power and increases customers in the metropolitan area They cited efforts for shared growth.


Above all, it is evaluated that the highest level of MD competitiveness in domestic department stores was a big foundation for the sales of the Pangyo branch exceeding 1 trillion won. Since its opening in 2015, the Pangyo branch has launched a series of global luxury brands such as Louis Vuitton, Cartier, Tiffany, Bulgari, and Piaget, and has a lineup of luxury goods comparable to those of the Gangnam department store in Seoul.


In addition, the largest food hall in Korea (13,860m2, 4192 pyeong), which is twice the size of a football field, cannot be missed. The Pangyo branch has 130 domestic and international restaurants and food and beverage (F&B) stores, the largest in the department store industry.


There are many overseas restaurants that were first introduced in Korea, including Italian premium foodstuff specialty store'EATALY', French bakery specialty brand'MontsangClaire', and New York brunch café'Sarabes Kitchen'. In addition, there are famous local restaurants such as the famous Daegu bakery'Samsong Bakery', the 65-year-old soup restaurant'Buminok', and the Incheon Chinatown restaurant'Shinseungbanjeom'.


Thanks to this MD competitiveness, 26 million customers visited the Pangyo branch last year alone. This is 2.5 times higher than last year's average of 10 million visitors to all 15 stores of Hyundai Department Store.


In addition, it is one of the top contributors to the sales of the Pangyo branch surpassing 1 trillion won by showing customers shopping and cultural contents that they have never experienced before. With the concept of ¡®selling experience¡¯, Pangyo Branch attempted to differentiate itself beyond the product sales space by using ¡®experience¡¯, the core competitiveness of offline stores.


Representatively, it is the only modern children's book art museum in operation among department stores in Korea. The Hyundai Children's Book Art Museum has filled the space (2736§³, 830 pyeong) that can accommodate 40-50 clothing stores with two exhibition rooms and 6500 picture books. Since its opening in 2015, about 750,000 people have visited until last year, so it is a representative attraction in Pangyo and is playing a role of ¡®killer content¡¯.


Pangyo, a complex cultural space, '1st floor open plaza (660§³, 200 pyeong)' and 10th floor culture hall (760§³, 230 pyeong) also continuously show differentiated contents such as various exhibitions, cultural performances, and luxury pop-up stores. We are providing customers with new value that they have never experienced before.


In fact, in October last year, the ¡°Art Museum,¡± featuring works by famous artists such as Yayoi Kusama and Whanki Kim, was held, and about 100,000 customers visited it in a month.


In addition, the increasing proportion of customers in the metropolitan commercial districts along with the purchasing power of the core commercial districts played a part. In Bundang and Pangyo, Gyeonggi Province, where the Pangyo branch is located, the income level is relatively high compared to other regions, and because it is sensitive to trends, it is called the ¡°second Gangnam¡±. Accordingly, the number of VIP customers at the Pangyo branch has increased to a level similar to that of the Hyundai Department Store Apgujeong Main Branch and Trade Center branch located in Gangnam, Seoul last year.


The number of outgoing customers visiting the Pangyo branch in Yongin, Anyang, Suwon (Gwanggyo), and Yeoju, which are more than 10 km away from Hyundai Department Store's Pangyo branch, is also increasing every year. The share of sales in metropolitan commercial areas also increased from 38.6% in 2015, the first year of opening, to 55.3% last year. This is more than 20%p higher than the average of all 15 stores in Hyundai Department Store's metropolitan area (30%).


In addition, efforts for win-win and shared growth with local commercial districts such as Seongnam and Pangyo in Gyeonggi-do also contributed to the growth of the Pangyo branch. Pangyo branch signed a business agreement with Seongnam City in 2019 to revitalize the local economy in order to cultivate pies and create a virtuous cycle in which the local economy is revitalized.


Accordingly, the Pangyo branch was opened in the form of a pop-up store to pioneer sales channels for startups and designer brands in Seongnam City, and to strengthen the competitiveness of the local traditional market, it is creating synergy with local commercial districts by continuing efforts for shared growth, such as supporting food disposers and replacing furniture. .


Hyundai Department Store is planning to grow the Pangyo branch into a ¡°Korea's representative department store¡± using this sales breakthrough of 1 trillion. To this end, it is planning to attract additional luxury brands and renew all floors, and it is a strategy to accelerate the acquisition of potential customers through the development of nearby commercial areas.


First, we will reinforce the luxury product lineup. After the second half of this year, the Pangyo branch will be introducing more than 10 global famous brands, including French jewelry ¡°Boucheron¡± and British fashion brand ¡°Burberry,¡± and plans to continue attracting luxury brands.


In addition, the Pangyo branch is also promoting the renewal work for all floors in stages. It is planning to introduce a new '2030 VIP Lounge for Customers' and a luxury men's specialty hall aimed at Young & Rich (young and wealthy) within this year. In addition, after next year, the food center on the first basement floor and the cosmetics shop on the first floor will be renewed, and various specialty halls such as the luxury shoes specialty hall (shoe library) and the children's specialty hall (kids park) will be renovated.


The accelerating development of commercial areas around the Pangyo branch is also expected to be a boon in the future. Companies are moving into the 2nd Techno Valley, which is located within 3km of Pangyo Branch, in earnest this year, and the 3rd Techno Valley is also in full swing with the goal of completion next year. 5,700 households are also scheduled to move into new apartments nearby.


Hyundai Department Store President Kim Hyung-jong said, ¡°We plan to grow the Pangyo branch beyond the metropolitan area as Korea's number one'shopping landmark' by helping to revitalize the local economy along with super luxury strategies such as attracting luxury brands. Department stores will also be fostered as a'mega life platform' that provides differentiated values ​​to customers' lives.¡±

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