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Hyundai Department Store signs agreement with Thai retail group

Collected: 2024.02.21

Distributed: 2024.02.22

Source: Go Direct

[Photo by Hyundai Department Store]

South Korea’s Hyundai Department Store Co. announced Wednesday that it signed a comprehensive business agreement with a Thai retail group with hopes to expand its presence in the Southeast Asian country’s capital Bangkok.

Hyundai Department Store signed a memorandum of understanding with Thailand’s Siam Piwat Group.

Established in 1958, Siam Piwat Group is well known for operating shopping malls such as Siam Paragon, Siam Discovery, and Siam Center.

Under the agreement, Hyundai Department Store plans to open a special store that features K-pop items at a shopping mall operated by Siam Piwat Group in Bangkok.

The Korean retailer will aim to support small and medium-sized brands enter into Southeast Asia.

A joint research project will also be carried out to integrate the successful strategies of The Hyundai Seoul into Siam Piwat Group‘s shopping locations.

The two entities also agreed on a Very Important Person (VIP) marketing partnership, allowing VIP customers reciprocal benefits between the two entities’ shopping malls.

The partnership comes upon Siam Piwat Group‘s request, as its officials were reportedly impressed with The Hyundai Seoul’s success in attracting young consumers amid online retail growth.

The Hyundai Seoul achieved over 1 trillion won ($750 million) in annual sales within 2 years and 6 months of its opening, with 58 percent of its customers aged between 20 and 30, twice the proportion of other Hyundai Department Store branches.

By Pulse

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