In the past, most corporations in Korea moved on the strong leadership and decisiveness of their founders. Samsung led by Lee Byung-chul and Hyundai led by Chung Ju-yung are prime examples. But as these corporations now compete for the top spot in the global market, they have grown so large that a single owner can no longer shoulder management alone. The role of the so-called "keyman," who manages each field from the closest position to the owner and plays a pivotal role in the final decision-making for the future, has grown more important. We introduce the keymen of major corporations leading the Korean economy and examine the roles and tasks given to them. [Editor's note]
On May 5 in Seoul, a giant in the global retail industry visited the Gangnam branch of Shinsegae Department Store. The guest was Bernard Arnault, chairman of LVMH, known as the "emperor of the luxury empire." Arnault's visit to Korea, as the leader of LVMH, which owns Louis Vuitton, Dior and Celine, drew great attention.
That day at Lotte Department Store in Seoul, Chairman Shin Dong-bin welcomed Chairman Arnault at Lotte Tower in Jamsil, Seoul. Three years ago, when Arnault visited Korea, Hotel Shilla's Lee Boo-jin received him. But the person who welcomed Arnault that day at ㈜Shinsegae(004170) was not Chair Chung Yoo-kyung. It was CEO Park Joo-hyung of Shinsegae Co., Ltd.
CEO Park spent about an hour and 30 minutes touring various parts of the Gangnam branch with Chairman Arnault. While introducing the branch's recent space-innovation cases, such as Suite Park and House of Shinsegae, he explained the future strategy Shinsegae Department Store is envisioning. In the retail industry, this scene is seen as a symbolic example showing that Park has established himself as Chair Chung Yoo-kyung's "trusted confidant." From cooperation with global partners to the department store's future strategy, it means Park is one of the few executives who can speak for Shinsegae in place of Chair Chung.
◇ The 40-year Shinsegae man chosen by Chung Yoo-kyung
According to related industries on the 20th, behind CEO Park's rise as a core executive of Shinsegae was Chair Chung Yoo-kyung's promotion. In 2024, when Chung Yoo-kyung, general president of Shinsegae Co., Ltd., was promoted to chair, changes also came to the management system of the department store institutional sector. While Chair Chung had directly led the department store business as general president, her role expanded as chair, increasing the need to focus on group-level strategy and future direction rather than individual business operations. This was because time was needed to find the right person to execute Shinsegae's future direction while maintaining a system in which the owner directly takes responsibility. That is why the general president position that Chair Chung had held remained vacant for some time without a successor. After lengthy deliberation, the person who took on the role was CEO Park. In the 2025 personnel changes, only two people were promoted within Shinsegae Group: CEO Park and Moon Sung-uk, CEO of Signite.
CEO Park's strength is that he knows Shinsegae better than anyone. Since joining in 1985, he has experienced the group's key posts across management planning, finance, strategy, and both the department store and E-MART. Born in 1959, Park graduated from Gwangju High School and Dongguk University with a degree in accounting, then joined Shinsegae's management control department in 1985. He then built his fundamentals in group operations through the management planning office, management control team and management support office. After being promoted to executive as a senior managing director candidate in 2002, he held posts including head of department store support headquarters, head of E-MART strategic management headquarters, head of E-MART management support headquarters and head of Shinsegae support headquarters, gaining broad experience across the group's major businesses.
What stands out most in his career is that he did not stay in a single area. He understood the front lines of the department store, experienced E-MART's management strategy and also passed through support organizations responsible for finance and organizational operations. In other words, he has both on-the-ground business acumen and management capabilities grounded in numbers.
A Shinsegae Group official said this.
◇ The key figure who changed the department store's space strategy
The first stage that showed CEO Park Joo-hyung's management style was Shinsegae Centum City in Busan. Now known as one of the world's largest department stores, Shinsegae Centum City was not a simple store expansion. It was a project that presented a new department store model: a complex lifestyle space that combined culture and relaxation beyond a shopping space.
Shinsegae Centum City began amid fierce competition. In 2004, during the bid for the Busan Centum City site, the market consensus was that Lotte was likely to win the project rights. That was because Busan was Lotte's "home turf" based on regional ties. But Shinsegae jumped into the bid just before the deadline, secured the project rights and seized the new central commercial district in Busan.
There were also unexpected variables during development. Hot spring water was discovered while building the department store. In a typical development, that could have been a burden, but Shinsegae used it as a differentiating element. By introducing a spa facility that utilized the hot spring, it unveiled a new type of department store that combined shopping and relaxation.
What Shinsegae Centum City demonstrated was not simply a bigger department store. It expanded the role of the department store into a place where consumers stay and experience, beyond merely buying products. A Shinsegae Department Store official said, "CEO Park is cited as the key figure who understood and advanced Shinsegae's space strategy."
You cannot leave out "Gangnam" when describing CEO Park. Since 2016, Park has served as CEO of Shinsegae Central City. Central City is not just a terminal facility. It is a core mixed-use commercial district in Seoul that combines the Shinsegae Department Store Gangnam branch, JW Marriott Hotel and the Express Bus Terminal.
Park viewed this area as a single business, not as separate facilities. He also took part in Shinsegae's acquisition of a 60.2% equity stake in Central City for about 1 trillion won in 2012, and later pushed a complex development strategy linking the department store, hotel and commercial facilities through consolidation. If Shinsegae Centum City was the starting point that showed Park's philosophy of space management, the Gangnam branch was the process of completing it.
Recent changes at the Gangnam branch—such as the dessert specialty zone Suite Park, House of Shinsegae that combines food and culture content, and the premium grocery zone Shinsegae Market—are not a simple MD overhaul. They are the result of space innovation that increases visitors' dwell time and expands their experiences. A Shinsegae Department Store official said, "CEO Park does not view retail as mere 'store operations.' He emphasizes that beyond selling good products, what kind of experiences consumers have in what kind of spaces determines a department store's competitiveness."
◇ The blueprint is "lifestyle developer"
At the 2025 regular shareholders meeting, CEO Park laid out his vision. He said, "Based on the deep understanding of consumers' lifestyles we have built over our long history, we will establish ourselves as a 'comprehensive lifestyle developer' that proposes a step-up in value to consumers beyond retail."
Even recently, CEO Park has been focusing on building a "department store never seen before." Large-scale complex development projects remain one after another in Gwangju, Songdo, Suseo, Centum C and Banpo. All are new growth pillars for Shinsegae.
In particular, the development of Shinsegae Central City in Banpo, Seoul, is an important test bed to gauge CEO Park's capabilities. The key is how to reinterpret the core Gangnam location and link it to Shinsegae's unique space competitiveness. Shinsegae plans to develop the Central City area in Seocho-gu, Seoul, into a world-class landmark complex on par with Azabudai Hills or Roppongi Hills in Tokyo, Japan. A real estate industry official said, "To do that, efficient communication with the authorities is necessary, and there is no one better suited to carry that out than CEO Park."
A business community official said, "If Chair Chung Yoo-kyung is the person who decides Shinsegae's future direction, CEO Park Joo-hyung is the person who turns that direction into real businesses and spaces," adding, "The reason CEO Park, who has grown within Shinsegae for nearly 40 years, is evaluated as the key executor in Chung Yoo-kyung's system ahead of the separation of the mart and department store affiliates."