Retail News CRM

Tag: Coex

  • Hyundai Department Store plans CoEx duty-free outlet

    Hyundai Department Store plans CoEx duty-free outlet

    Hyundai Department Store Group plans to open a 14,005 sqm duty-free store in the CoEx Convention and Exhibition Center in Samseong-Dong, Seoul, late this year.

    Hyundai joined rivals Lotte Duty Free and Shinsegae in securing five-year licences last month to run downtown duty-free stores in Seoul. The SME licence went to TopCity, with Alpensia and Busan Duty Free winning licences for stores in Gangwon Province and Busan.

    Hyundai Duty Free merchandising manager Hyunjin Lee says CoEx attracts independent travellers who are willing to experience Korean culture (K-wave).

    “This place will grow into a worldwide landmark in a few years when there is a Hyundai Global Business Center, underground transit complex and the Jamsil Sports Complex extension,” says Lee.

    “We will provide a differentiated duty-free store with luxury boutiques and customer lounges.”

    A wide selection of luxury items and Korean cosmetic products will be offered, says Lee. “We also plan to develop Kangnam tourist attractions, co-operating with entertainment companies and local government.”

    A key element in Hyundai Duty Free’s licence proposal was agreeing to a memorandum of understanding with the government to invest in tourism infrastructure development plus a commitment to contribute US$50 million in social welfare funds.

    Lees ook:

  • Shinsegae Group to Run COEX Mall

    Shinsegae Group to Run COEX Mall

    Shinsegae Property, a unit of South Korea’s conglomerate Shinsegae Group, has solely bid and likely won the 10-year operation right over Convention & Exhibition Mall (COEX Mall), the largest underground shopping center in Asia, according to the industry and Korea International Trade Association (KITA).

    Hyundai Department Store Co., which had been regarded as a strong candidate, gave up entering the bid. Another potential candidate Aekyung Co. also was absent. Shinsegae Property would likely be consigned to run the shopping mall.

    The company would operate COEX Mall consisting of 247 stores on a site of 48,359 square meters and Cultmall composed of 80 stores on a site of 10,579 square meters over the next 10 years.

    The mall with convention and exhibition is close to the Hyundai Global Business Center whose construction will be completed in 2021, making the area a promising tourist destination.

    Shinsegae has so far made efforts to target commercial areas in Gangnam, southern Seoul. It remodeled the Gangnam branch of Shinsegae Department Store earlier this year and bought an additional stake in Seoul Express Bus Terminal last month to set a foundation to establish a Shinsegae Town by combining the current Shinsegae Department Store, the Central City shopping district, and others to be built in the block.

    It is also ready to open Starfield Hana, which would be one of the nation’s largest complex shopping malls, in September. It is considered the ambitious work of Chung Yong-jin, vice chairman of the group.

    Shinsegae plans to differentiate COEX Mall as an urban-style shopping mall. COEX Mall is the nation’s first underground shopping mall but it saw its visitors decline after remodeling costing 300 billion won ($266 million) in 2014.

    Lees ook:

    Lees ook:

    Lees ook:

  • Korean department stores offer instant tax refunds to tourist

    Korean department stores offer instant tax refunds to tourist

    South Korean department stores will start offering instant tax refund services to foreign customers from this month as part of an effort to boost sales.

    Under the new program, foreigners can buy products without paying the mandatory 10 per cent value-added tax (VAT) if the item costs 30,000-200,000 won (US$25-166), observers said. Each person can be exempt from VAT for up to the first 1 million won in purchases. Products that cost more than 200,000 won require the buyer to pay the VAT and get a refund later on.

    Seoul announced last year that it would implement changes to the way all local tax-free shops operate in 2016 by making it easier for tourists to spend in the country without the need to hold onto purchase receipts that must be shown at departure to get tax refunds.

    Lotte Department Store, South Korea’s No. 1 luxury retailer, said the instant tax refund will be given at its main Sogong-dong flagship store in downtown Seoul.

    Shinsegae Department Store said its main store in Jung-gu will offer the service to customers, while Hyundai Department Store plans to give immediate tax refunds at its main Apgujeong store and its Coex outlet in southern Seoul.

    Department stores said they picked the stores because they are the most frequented by foreign visitors, with more stores to be added later.

    “Foreign shoppers can buy products minus the 10 per cent VAT so there is no need to keep tabs on receipts or show the product they purchased at the airport when they leave the country,” a Lotte official said. “This can greatly reduce the hassle at airports and should fuel sales at our store.”

    In addition, local department stores said they will kick off promotion sales to attract Chinese tourists who are expected to arrive in large numbers during the Chinese Lunar New Year holiday. The traditional holiday runs from February 3 through February 13 this year.

    Lotte said it will give 50,000 won discounts for purchases exceeding 1 million won, with gift cards equal to 5 per cent of the purchase of the total to be given if the total tops 10 million won. Shinsegae said it too will give upwards of 30 per cent discounts and gifts to foreign tourists that buy items at its stores in February. The retailers said that to get the benefits the shopper needs to show his or her passport when making the purchase.

    Lees ook: