SOUTH KOREA REPORT: SHINSEGAE DUTY FREE
May 2017 20
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As Shinsegae Duty Free prepares to open its second Seoul downtown duty free store in December, it believes a US$1bn-plus sales target is feasible for 2017. David Hayes reports.
S Shinsegae shoots for $1bn sales target in 2017... p115
hinsegae Duty Free tells TRBusiness that it has started construction work on the
company’s second Seoul downtown duty free store that is scheduled to open in the capital’s fashionable Gangnam district, south of the Han River by the end of this year. “We got our Gangnam shop license
in mid-December 2016, so we have to open by mid-December 2017,” Shinsegae Duty Free Merchandising Division Senior Vice President, Hong Seok Ho, told TRBusiness in an exclusive interview. “We are doing preparatory
construction and moving out existing shops and restaurants from our space. We are still planning the floor layout. We will open the whole shop on opening day.” Shinsegae’s new duty free store –
Hong said. “It’s a place for people to shop, eat
Also inside
and entertain. The wealthiest South Koreans live around there, so we expect a lot of Korean customers to spend there, along with trendy FITs visiting Seoul for lifestyle experience. “Also, our duty free shop will be
the first duty free shop that Korean people from the provinces see when they travel to Seoul to fly abroad.”
with a total footprint of 13,600 sq m – will open in the Express Bus Terminal transport and shopping hub, one of Gangnam district’s major shopping destinations housing Famille Street shopping mall, Shinsegae Department Store and Gangnam Marriott Hotel. “There is a footfall of about one
million people a day with three subway lines, 130 express buses going countrywide and 33 Seoul city bus routes stopping there,”
MAY 2017
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A very busy location The Shinsegae Duty Free Gangnam downtown store will occupy the basement floor along with levels one, two and three of Shinsegae’s Gangnam Department Store as well as additional neighbouring retail and commercial space. “Each floor level is a slightly
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different size,” said Hong. “Now the adjacent space is occupied by a hotel restaurant, a food court and various shops. “It’s a very busy location with
access from all around. Entry will be on all levels, but the main entrances will be on the first floor from Shinsegae Department Store and on the fourth floor from the Marriott Hotel. While planning continues on
the shop floor layout, Shinsegae is looking to give its local customers
new brands not found in duty free to differentiate our shop from the traditional duty free brand list. These will be mid- price to high price international
[On the new DF store]: “There is a footfall of about one million people a day with three subway lines, 130 express buses going countrywide and 33 Seoul city bus routes stopping there.”
Hong Seok Ho, Merchandising Division Senior Vice President, Shinsegae Duty Free
TRBUSINESS 115
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and foreign visitors a new shopping experience by including brands and products unavailable in other downtown duty free shops in Seoul. “Since we will target more South
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Korean and FIT customers, we are going to use perfume and cosmetics as an anchor category,” Hong said. “For fashion we are going to select some contemporary brands which Korean customers can buy as there is a duty free limit on how much South Korean travellers can spend on luxury fashion. Also, we’ll have luxury fashion that young Chinese FIT customers want to buy. “We will introduce some
Above: Luxury brands like Burberry appeal to young Chinese FITs, says Hong.
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