Hyundai Department Store has confirmed the name of Seoul’s largest department store, which will open at Parkwon in Yeouido, Seoul on the 26th of next month, as’The Hyundai Seoul’, and is in full swing in preparation for the final opening.
According to industry sources on the 20th, the Hyundai Department Store Group has confirmed the name of the largest department store in Seoul as’The Hyundai Seoul’ that will open on February 26th at’Park One’, a large complex in Yeouido, Seoul. The Hyundai Seoul is the largest among department stores in Seoul with 13 soccer fields (89,100㎡).
‘Park One’ was completed in July of last year as a complex consisting of two office buildings with up to 69 floors, one luxury hotel with 31 floors, and one shopping mall with eight floors. The Hyundai Seoul, which enters this place, has a business area of 89,000m2 (27,000 pyeong) on the 7th floor and 8th floor above the ground. This is the industry’s explanation as it is the largest department store in the Seoul area currently in operation.
The Hyundai Seoul will be created as a complex cultural space emphasizing culture, art and experience, like a famous overseas shopping mall, not just a department store.
The museum (ALT.1) is actually located on the 6th floor of the department store, and the Hyundai Department Store plans to hold a large-scale retrospective exhibition’Andy Warhol: Beginning Seoul’ by pop art master Andy Warhol at the same time as The Hyundai Seoul opens.
In addition, it plans to introduce a large number of hands-on stores targeting the’millennials’ in their 20s and 30s.
In addition, The Hyundai Seoul is expected to become the first future department store in Korea. According to the industry, The Hyundai Seoul introduced a’automated store’ with the technology of Amazon Web Service (AWS) in the United States, so that payments are made automatically even if customers do not pay separately after shopping.
They also pay attention to attracting luxury stores. It is a strategy to attract customers with high purchasing power as it is located in the commercial district of Yeouido, where there are many high-income families, and a luxury hotel is also opened in Park One, which has a department store.
It is known that luxury brands such as Moncler, Balenciaga, Valentino, Montblanc, Jaeger-Coultre, and Boucheron have entered the store, and are in negotiations with popular luxury brands such as Louis Vuitton, Chanel, and Hermes.
Meanwhile, the industry is showing interest in whether’The Hyundai Seoul’ can surpass the Shinsegae Department Store Gangnam, which is currently Seoul’s largest department store and records sales of 2 trillion won per year.
Hyundai Department Store opened the era of 1 trillion won in sales at a single store as the Pangyo branch exceeded 1 trillion won in sales last year. This was achieved after 5 years and 4 months of opening, the fastest record among domestic department stores.
Regarding this, the industry analyzed that reinforcing experience-based facilities contributed to sales expansion.
As mentioned above, The Seoul Hyundai is located in the commercial area of Yeouido and is the largest in Seoul. In addition, a large number of hands-on stores will be introduced.
An industry official said, “Even in the situation of Corona 19, Hyundai Department Store Pangyo branch exceeded 1 trillion won in sales, confirming that the strategy of Hyundai Department Store is working.” It seems that it will be a matter of time to catch up with the sales of department store Gangnam branch.”