Foreign shoppers put Shinsegae on track for W1tr sales

Customers shop at Shinsegae Department Store's flagship in Myeong-dong. (Shinsegae Department Store) Shinsegae Department Store said Monday that sales to foreign customers surged 120 percent on-year to a record 580 billion won ($385 million) in the first half, putting the retailer on track to surpass 1 trillion won in annual foreign sales for the first time.The first-half total already accounts for nearly 90 percent of last year's full-year foreign sales.Shinsegae attributed the growth to its luxury brand lineup, K-culture content developed with K-pop artists and the Korea Tourism Organization, and partnerships with global payment providers such as UnionPay.Its foreign customer base has also become more diversified. Chinese shoppers accounted for 48.5 percent of foreign sales in the first half, down from 77.5 percent in 2019, while the proportion of US and Southeast Asian shoppers rose to 19.1 percent and 14.9 percent, respectively.Spending has also broadened beyond luxury goods. While luxury sales jumped 129.3 percent, strong growth was also recorded in fashion, cosmetics and food and beverage sales.Shinsegae's foreign membership program has attracted more than 300,000 members from over 120 countries. The retailer said it is using data-driven marketing, shopping benefits and concierge services to encourage repeat visits.Its flagship stores have also benefited from tourism-focused strategies. The Myeong-dong flagship has attracted overseas visitors with K-pop content displayed at Shinsegae Square, while the Gangnam branch has positioned itself as a global shopping destination by combining luxury retail, dining and its location in Seoul's first riverside tourism district."Shinsegae Department Store has become a premier destination for international visitors seeking K-shopping, K-food and K-content," said Park Joo-hyung, CEO of Shinsegae Department Store."We will continue to strengthen our position as Korea's leading shopping landmark by building on the unique strengths of our flagship stores and premium brand portfolio."