The Hyundai Seoul, a flagship store of Hyundai Department Store in Yeouido, Seoul, has achieved an annual sales milestone of 1 trillion won ($772 million) after being open for two years and nine months, setting a new record as the fastest among local department stores.

Hyundai Department Store announced Sunday that The Hyundai Seoul surpassed 1 trillion won in cumulative sales from January 1 to December 2 this year.

The milestone was achieved within 33 months since its opening on February 26 2021, surpassing the previous record set by Shinsegae Department Store’s Daegu branch by two years and two months.

“The Hyundai Seoul has redefined the perception of department stores from mere shopping spaces, presenting a new paradigm in retail by emphasizing the rediscovery of offline and maximizing the value of spatial experiences,” said Jung Jee-young, chief executive officer of Hyundai Department Store.

“It has established itself as a landmark in Korea. Efforts to discover innovative content such as world-class merchandising capabilities and unique K-fashion brands exclusive to The Hyundai Seoul, coupled with the rise in average spending per customer, have been instrumental in achieving the 1 trillion won milestone in the shortest period.”

The Hyundai Seoul saw sales of 670 billion won in its first year of operation in 2021, followed by 950.9 billion won last year.

The swift attainment of the 1 trillion won sales was attributed to the increase in foreign visitors, satisfactory resting spaces, and word-of-mouth through Instagram.

The Hyundai Seoul emerged as a must-visit spot among foreigners amid the pandemic. The proportion of foreign visitors in The Hyundai Seoul’s sales surged by 731.1 percent last year compared to the previous year, further escalating by 891.7 percent from January to November this year.

This growth rate nearly triples the average increase in foreign sales across all Hyundai Department Store outlets (305.2 percent). Notably, 72.8 percent of foreign customers purchasing at The Hyundai Seoul are in their 20s and 30s, solidifying its position as a hub for the global millennial generation.

The attraction of foreign visitors was fueled by a strategy focusing on K-culture. Throughout this year, The Hyundai Seoul consistently hosted pop-up stores related to top idol groups such as BTS (March), LE SSERAFIM (May), IVE (June), ITZY (August), and BLACKPINK (September).

The Hyundai Seoul also differentiated itself by transforming half of its total floor space (89,100 square meters) into indoor landscapes and customer relaxation areas, along with bold ceiling designs for more natural light.

By Park Hong-ju, Ahn Byung-joon, and Minu Kim

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]