IADS Press Release: Collaboration with Hyundai Department Stores

For the first time, the International Association of Department Stores co-organises its Mid-Year CEO Conference with Hyundai Department Store in Korea.

The International Association of Department Stores (IADS) and Hyundai Department Store, one of Korea's leading retail innovators, renowned for its groundbreaking retail concepts and successful transformation of the traditional department store model, will jointly host the IADS Mid-Year CEO Conference in Seoul, Korea, on June 10, 2025. This landmark event marks the first time the oldest global retail association dedicated to the department store format brings its executive gathering to the Korean market, offering its members’ leaders unprecedented and privileged access to one of Asia's most dynamic retail landscapes.

Founded in 1947 and evolving into a dedicated retail enterprise in 1971, Hyundai Department Store has transformed from its construction industry origins into a retail powerhouse that continually redefines the shopping experience. Today, Hyundai Department Store operates 16 department stores, including two under "The Hyundai" brand and the new "Connect Hyundai" concept, alongside eight outlets across Korea. The company generated approximately KRW 4,208 billion (€2.8 billion) in revenue for 2023 and has embarked on an ambitious corporate value enhancement strategy, announcing plans to invest KRW 1.2 trillion in The Hyundai Gwangju and KRW 700 billion in Busan Premium Outlet as part of its three-year value-up plan.

The flagship concept, The Hyundai Seoul, opened in 2021, has fundamentally reimagined what a department store can be. Occupying 89,000 square meters across 12 floors and housing nearly 600 different shops, this architectural marvel dedicates an unprecedented 49% of its space to rest areas, indoor landscapes, and experiential zones. Its most striking features include a 12-meter-high waterfall garden visible across multiple floors and a 3,300-square-meter indoor garden with 30 trees, natural grass, and ambient nature sounds beneath a 20-meter-high glass ceiling—the largest indoor garden in Korea.

What truly distinguishes Hyundai's retail approach is its meticulous attention to customer experience and communication. It is not surprising that The Hyundai Seoul has attracted over 100 million visitors in just two years, with particularly strong growth among international visitors and younger consumers. Throughout the store, crucial information is clearly conveyed to visitors—from floor guides highlighting must-see attractions to QR codes providing instant access to store locations, waiting times, and special offers. The store's design seamlessly integrates technology through facial recognition for VIP areas, guide robots, and digital experiences at “TUNE” on the sixth floor, which offers a variety of content through generative AI and holograms.

Hyundai's recent strategic initiatives further showcase its forward-thinking approach to retail. Hyundai unveiled "Connect Hyundai" in Busan, an innovative urban complex shopping mall combining a department store, an outlet, and cultural facilities to create a comprehensive shopping destination for a new generation of consumers. In February 2024, the company signed a comprehensive partnership agreement with Thailand’s Siam Piwat Group to create synergy between the two companies. This was followed by an agreement with Japan's Hankyu Department Store in September 2024 to exchange VIP benefits, the first such arrangement for Hankyu with an overseas retailer. For international visitors to Korea, Hyundai launched "H Point Global" in February 2024, a dedicated membership programme offering special discounts, rebates, and convenient booking services for restaurants and transportation.

The company's commitment to supporting Korean fashion and culture is evident in "The Hyundai Global" platform, launched in April 2024 to help Korean fashion brands expand internationally. Beginning with Japan's Parco stores, this initiative aims to reduce overseas expansion costs for Korean brands by over 30% while introducing international consumers to K-fashion.

Technology integration remains central to Hyundai's strategy. The company has pioneered AI applications in retail, including "One Step," an AI-driven programme for creating advertising images that doubled click-through rates during its trial period, and "Lewis," an AI copywriting system that reduces campaign development time from weeks to hours. These innovations complement Hyundai's partnership with Seoul city government to create a "global life hub" offering multilingual consulting services and cultural exchange programmes for foreign residents, demonstrating the company's commitment to serving diverse communities.

This historic collaboration represents a significant evolution in the IADS's international engagement strategy. It brings its tradition of high-level retail dialogue to the Korean market at a pivotal moment in global retail transformation.

Ms Kamshim Lau, Executive Director of Lifestyle International (Hong Kong SAR) and President of the IADS declares: "We are thrilled to co-host our Mid-Year CEO Conference with Hyundai Department Store, a true pioneer in redefining the future of retail. This collaboration underscores our shared commitment to innovation, excellence, and global dialogue in the department store industry. Seoul’s vibrant retail ecosystem offers unparalleled insights, and we look forward to deepening our members’ understanding of Asia’s transformative trends alongside Hyundai’s visionary leadership."

Mr. Jee Yong Jung, CEO of Hyundai Department Store, says: “Department stores are evolving beyond traditional retail spaces into platforms that deliver new experiences and meaningful value. Through the IADS CEO Conference, we expect Hyundai Department Store’s space, technology, and content innovation to reach a wider global audience and further expand through engagement with international retail leaders.”

By bringing together diverse perspectives from leading department stores worldwide, the Mid-Year CEO Conference will foster valuable exchanges on critical topics including omnichannel integration, generational shifts in consumer behaviour, sustainability initiatives, and the evolving role of physical retail in an increasingly digital world. The event promises to yield insights that will shape retail strategies globally, as participants gain firsthand experience of one of Asia's most innovative retail environments and forge connections that will drive future international collaborations.

The IADS Mid-Year CEO Conference in Korea builds on the Association's long tradition of facilitating knowledge exchange among the world's leading department stores. By partnering with Hyundai Department Store, the IADS continues its mission of providing strategic and concrete solutions to modern retailers' challenges, from real estate strategy to e-commerce profitability, organisational efficiency, private label development, and addressing evolving customer expectations. This event underscores the value of an international perspective in addressing shared industry challenges and highlights Korea's growing influence in global retail innovation.

Hyundai Department Store is a major department store chain in South Korea. It currently operates 16 department stores nationwide. Its parent company is the Hyundai Department Store Group.

Hyundai Department Store is active in providing high-quality services, differentiated content, and trend-forward MD, and it is proposed to realize customer satisfaction beyond customer expectations. Also, Hyundai Department Store is contributing to developing the domestic distribution industry.

In particular, The Hyundai Seoul, which opened in February 2021, is considered to have presented a "future department store platform" by maximising the concept of 'retail therapy' instead of the traditional department store platform, reducing sales area and constructing an unconventional nature-friendly space.

Hyundai Department Store will become an ever-evolving platform through content research and development that can satisfy the space you want to stay in and the desire for new experiences.

The International Association of Department Stores (IADS) is the only expert body specialising globally in the department store retail format. Consisting of leading department store members around the globe, the Association acts as an international network, facilitating exchange and communication between members. It also conducts research to address department stores' current challenges and provide actionable insights for its members.

Today, IADS permanent members include Beijing Hualian Group (PRC), Bloomingdale’s (USA), Boyner (Turkey), Breuninger (Germany), Chalhoub Group (UAE), Centro Beco (Venezuela), El Corte Inglés (Spain), El Palacio de Hierro (Mexico), Falabella (Chile, Colombia and Peru), Galeries Lafayette (France), John Lewis & Partners (UK), Lifestyle International Holding (Hong Kong), Magasin du Nord (Denmark), Manor (Switzerland), The Mall Group (Thailand), TSUM Kyiv (Ukraine). These retail leaders are joined by a network of other department stores and retail companies as corresponding members.

Together, the IADS members, all key players in their respective markets, create a landscape of various business models and cultures and represent more than €40.5bn cumulated annual turnover, achieved through more than 549 stores with 251,000 associates in 28 countries.

Through its own activities and partnerships with NellyRodi, Retail Hub and RH-ISAC, the Association constantly stays up to date on its members’ questions and challenges. It generates solution-driven problem-solving processes for its members so that they are prepared to face the future of the retail industry.

Press Contact: IADS, press@iads.org 

Read the full press release below:

Read the full press release, in French, below: