Convenience store 7-Eleven announced on the 19th that it has opened a 'New Wave Junggye branch' near the Bank Intersection in Junggye-dong, one of the representative commercial areas dense with dwellings and academies in Seoul.
The New Wave store is a new franchise model that 7-Eleven unveiled in October last year. It has been operating four locations nationwide so far, and this Junggye branch is the fifth.
This opening is the first case of introducing the New Wave store, which was previously centered on office, culture, leisure, and tourism districts, into a complete lifestyle commercial area. The area around Junggye-dong, where the store is located, is densely populated with large apartment complexes, schools, and academies, thus concentrating consumer demand from youth, parents, and residents simultaneously.
7-Eleven has decorated the store based on the young and trendy concept of the New Wave stores, as well as product offerings that align with the consumption sensibilities of modern consumers. It plans to deliver a differentiated brand image targeting the future key demographics, which includes the 'Z generation' born since the mid-1990s and the 'alpha generation' born after 2010.
In fact, it is explained that the New Wave stores are showing particularly high demand among the younger demographic due to their fresh store experience. According to 7-Eleven, the sales ratio of the 2030 generation at New Wave stores is about 20 percentage points higher than the average of regular stores.
The New Wave Junggye branch has configured a tasting area along an entire wall, anticipating a high usage rate of food and ready-to-eat products among students using the academies, thus doubling the average space compared to regular stores. The counter space has also been expanded by about 40%, creating a food court-style food station, and offering a variety of ready-to-eat products such as chicken, pizza, and marble ice cream.
Another feature of the New Wave Junggye branch is the value-for-money fashion and beauty zone. Aiming at students who are interested in low-cost cosmetics, it will showcase highly cost-effective beauty products priced around 3,000 to 5,000 won, such as mineral-based sunscreen, PDRN peel-off masks, and glutathione micro-stimulating serums. Additionally, fashion items priced under 10,000 won, such as '7-Select Premium Cotton T-shirts' and '7-Select Color Pop Socks,' are included.
Park Se-won, head of the development strategy team at 7-Eleven, said, 'The New Wave store is a space that embodies the future-oriented convenience store that 7-Eleven aims to achieve,' noting, 'As it is operated in a way tailored to the commercial area, it can enhance the store's revenue and provide a differentiated brand experience, thus we plan to continuously expand until the second half of the year.'