Global Retail City Profiles South Korea
Seoul
Seoul is renowned for its sophisticated and image-conscious con- sumers, and is a gateway to other Korean cities. The expansion of new-to-market brands and an influx of tourists, most notably from Mainland China, are driving retail demand. Key shopping areas are the core districts of Myeongdong and Gangnam Station, trendy Ga- rousu-Gil and Hongdae as well as the high-end Cheongdam precinct. Large-scale retail shopping malls include Lotte World Mall, Times Square, Starfield COEX Mall, and IFC Mall. Busy high streets have become prime locations for flagship stores in recent years, and this has attracted an increasing number of international retailers to take advantage of opportunities to expand their presence in the market.
High street Myeongdong is the main representative retail area in Seoul and is considered the primary location for flagship stores by most international and domestic retailers. Near the Central Business District and several tourist sites, the area has the highest foot traffic and is renowned for the highest average rents nationwide. Some of the most well known international fashion brands such as Zara, H&M, and Forever 21 have opened their first stores in this area. Cheongdam-dong is widely considered the only retail area in Seoul with luxury fashion and luxury automobile flagships. While the area has lower foot traffic than other major retail areas in Seoul, it benefits from the strong spending power of affluent residents living nearby in upscale residential communities. Additionally known for its high-end electronic stores, Cheongdam further draws many non-luxury retailers interesting in positioning themselves in the high-end segment.
Shopping centers Shopping malls are often connected to major transport hubs and feature department stores, hypermarkets, bookstores, restaurants, and movie theaters, serving as one-stop attractions for both domestic and international shoppers. Lotte World Mall is a multi- purpose shopping center featuring a discount store, cinema, and aquarium as well as a giant tower composed of hotel, office, and residences. Starfield COEX Mall re-opened following renovations in late 2014 and is gaining momentum after retail and wholesale giant Shinsegae took over operations of the project in 2016 via a master lease. The mall includes a giant two-storey library in the central atrium and provides unique brand offerings such as South Korea’s first Zara Home, Brooks Brothers Red Fleece, and Burberry Beauty Box. IFC Mall in Yeouido has generated high revenues since opening in 2012 due to its strong concentration of F&B tenants that draw white-collar workers, as the business district remains underserved by food and beverage amenities.
Shopping center Lotte World Mall
Times Square
Starfield Coex Mall D-Cube City Hyundai IFC Mall
Opening year 2015
2009 2002 2011 2012
Size (sqft) 2,451,000
1,340,000 1,033,000 569,000 393,000
Note: *Figures are estimates based on available market information. Mall size is based on GLA. Source: JLL 2018
Location
City Center City Center City Center City Center City Center
Population 9.6m
Prime rent (sqft per year)
US $1,049 Prime rental information for Myeongdong 8-Gil
Key indicators Population (‘000s No.)
GDP per Capita (US$, Real, PPP) GDP Forecast 2018-2022 (% pa)
Retail Sales Forecast 2018-2022 (% pa) Global CBRA Rank (Out of 140 cities)
Rental growth outlook
9,636
42,215 1.8 1.4
15th
Source: JLL, Oxford Economics (May 2018) Global CBRA Rank = Global Cross Border Retailer Attractiveness Rank
Key retail entrants
6ixty 8ight Boots
Chicor Lego
Key tenants
H&M, Zara, COS, Hollister, Muji, Uniqlo, ÅLAND, Giordano 8 Seconds, Prada, Bottega Veneta, Louis Vuitton, Gucci Nike, Reebok, Versace Jeans, Brooks Brothers Red Fleece Zara, H&M, Uniqlo, Stradivarius, Bershka, Pull&Bear Zara, H&M, Uniqlo, Hollister, Gap, Mango, Apple
Copyright (c) JLL IP, INC 2018
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