Daejeon Shinsegae Department Store (Daejeon Shinsegae) surpassed 1 trillion won in sales four years after opening.
Daejeon Shinsegae said on the 22nd that it surpassed 1 trillion won in cumulative sales for the year on the 21st. It became the first department store in the central region to post 1 trillion won in sales in 51 years since Jungang Department, the first department store in Daejeon, opened in 1974.
Despite continued weakness in domestic consumption in the first half of this year, Daejeon Shinsegae recorded a 7% sales growth rate through the previous day. The analysis is that it secured competitiveness through a diverse lineup of luxury brands and by developing tailored spaces and content that reflect changing times and local characteristics.
At opening, it brought in Gucci and Bottega Veneta, followed by luxury jewelry and watch brands such as Vacheron Constantin, Jaeger-LeCoultre, and IWC, introduced for the first time at a Daejeon department store. It opened Moncler and Roger Vivier as exclusive stores for the region, and in the second half of this year brought in the largest Louis Vuitton outside the Seoul metropolitan area. As a result, luxury accounted for 40% of total sales this year, and luxury sales rose 10% from a year earlier.
Daejeon Shinsegae has a total floor area of about 85,700 pyeong (284,224 square meters). Of that, it used about 28,100 pyeong (92,876 square meters) of department store sales space to create a venue where science, culture, and art come together. The Nexperium science museum, an aquarium with a 4,200-ton tank, and the Daejeon Shinsegae Gallery are representative.
This year, 65.5% of visitors to Daejeon Shinsegae came from other regions. Analysts said a wide-area commercial zone has formed that spans Chungcheong and North Jeolla, including Sejong, Cheongju, Cheonan, Asan, Jeonju, and Gunsan. By age group, people in their 20s and 30s accounted for 47% of all visitors, and their share of sales reached 40%.
With Daejeon Shinsegae added, the number of Shinsegae Department Store locations with more than 1 trillion won in annual sales increased to five, nearly half of the total 12 (excluding the Cheonan Asan branch). They include the Myeong-dong main store, the Gangnam branch, Centum City, and Daegu Shinsegae. This year, Shinsegae Gangnam topped 3 trillion won in cumulative sales for the third straight year, and the Busan Centum City branch exceeded 2 trillion won.
Park Ju-hyeong, president and CEO of Shinsegae Department Store, said, "Daejeon Shinsegae surpassed 1 trillion won in sales for the first time in the history of Daejeon's department stores, setting a new milestone in the region's retail sector," and added, "As a landmark department store representing the central region, we will grow together with the region through continuous space innovation and differentiated content."