What: The Gangnam branch of Shinsegae Department Store in Korea has achieved a record-breaking sales milestone of over 3 trillion won ($2.3 billion) this year, making it the first Korean department store to reach this level of sales.

Why is it important: The store's success is attributed to factors such as a high percentage of VIP member purchases, a diverse range of over 1,000 brands, its strategic location in a high-income neighborhood, and effective marketing strategies targeting younger consumers and foreign tourists.This achievement places Shinsegae Gangnam among the ranks of globally renowned department stores like Harrods in London and Isetan in Tokyo. It highlights the store's ability to attract a diverse customer base, including high-income residents, younger shoppers, and international tourists, through a combination of luxury brand offerings, strategic location, and targeted marketing.

This milestone reflects the growing influence and global standing of Korean retail, as well as the evolving consumer trends and preferences in the region. Shinsegae's success demonstrates the potential for department stores to thrive by adapting to market demands and consumer behaviors.

Shinsegae's Gangnam branch becomes first Korean store to crack 3 trillion won