Shinsegae Department Store said on the 11th that foreigner payments doubled after the flagship store's large-scale renovation.
After analyzing payment data from Hana Card, Shinsegae Department Store said foreign card spending at its flagship store in the first quarter rose 98% from a year earlier. Considering that foreign Hana Card spending in Seoul's Jung-gu, which includes the Gwanghwamun and Myeong-dong commercial districts, increased 17% in the same period, the flagship posted a much higher growth rate than the market average.
Shinsegae Department Store's own data also confirmed an expanded share of foreign customers. In the first quarter of this year, the share of foreign sales in total sales at the flagship store nearly tripled compared with the first quarter of 2019.
Earlier, Shinsegae Department Store carried out a major refresh of the flagship over about a year from the first quarter of last year to the first quarter of this year. From global high-end luxury boutiques such as Hermès, Louis Vuitton, and Chanel to luxury jewelry and watch brands including Cartier, Van Cleef & Arpels, Tiffany, and Rolex, all stores were newly built out. A key feature is the design that maximizes each brand's identity and brand experience.
Buoyed by these changes, first-quarter luxury-related sales at the flagship increased by nearly 90% from a year earlier.
Experiential content is also cited as a driver attracting foreign customers. Shinsegae Square in front of the flagship's main entrance showcases seasonal cultural content such as K-pop artist videos and a Christmas lighting ceremony, establishing itself as a key stop for foreign tourists in the Myeong-dong area.
Customer convenience services for foreigners were also strengthened. The flagship store expanded unmanned kiosks at the tax refund desk to cut wait times and introduced an AI-based multilingual simultaneous interpretation service to improve shopping convenience.