'100 Days After Renewal' Shinsegae Times Square Store Sees 15% Sales Increase

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[Asia Economy Reporter Lim Hye-seon] Shinsegae Times Square, which marked 100 days since its renewal opening, showed an increase in sales despite the COVID-19 pandemic.

Shinsegae Department Store announced on the 28th that sales at the Times Square store, renamed at the end of June this year, increased by 15.0% compared to the same period last year over the past 100 days. Previously, Shinsegae changed the store name from 'Yeongdeungpo Branch,' used since 1984, to 'Shinsegae Times Square.'

The growth of potential VIP customers in their 20s and 30s was remarkable. Over the past 100 days, the proportion of customers in their 20s and 30s increased by 12.2 percentage points compared to the previous year, and sales grew by 48.3%. Among all Shinsegae Department Store branches, Times Square has the highest proportion of young customers, with 27.0% of VIP Red grade customers being in their 20s and 30s, the main age group. Shinsegae expects that the number of VIP Red grade customers at Times Square will increase by about 20% next year if this trend continues.

Shinsegae carried out a phased full renewal to capture the millennial and Generation Z markets. The large-scale changes attracted attention by introducing many popular restaurants and famous brands not previously seen in the commercial district. In particular, the Living Hall, which occupies an entire building floor with about 90 lifestyle brands, received industry attention. Featuring trendy digital and lifestyle select shops such as Dyson Airwrap, Samsung Mobile Experience Zone, and the living select shop Archipelago, the Living Hall’s sales from January to August this year increased by 39.3% compared to the previous year.

The young customers in their 20s and 30s also increased sales in the lifestyle genre by 49.0% compared to the previous year. The young fashion specialty hall, which renovated an entire floor into street fashion select shops, also grew by 10.8% compared to the previous year. Despite the fashion industry’s downturn due to COVID-19, the number of customers in their 20s and 30s increased by 31.1%, leading growth in the sluggish fashion market.

To celebrate 100 days since the renewal opening, Shinsegae Times Square prepared various discount events. First, from October 2 to 4, an outdoor brand NEPA outerwear fair will be held at the outdoor event space on the first floor of the Times Square store. Representative products of this event, offering up to 80% discounts, include NEPA fleece jackets priced at 47,200 KRW and long down jackets at 120,000 KRW.

Then, on October 8, the women’s casual brand ‘Rope Nine’ will open in the young fashion specialty hall on basement level 2. Rope Nine’s representative products, available for two months until December, include women’s knitwear at 39,000 KRW and women’s casual pants at 59,000 KRW.