[Special Stock] Hyundai Department Store Hits Record High on The Hyundai Seoul Effect

[Asia Economy Reporter Song Hwajeong] Hyundai Department Store continued its upward trend for the fourth consecutive day, hitting a 52-week high.

As of 10:30 AM on the 5th, Hyundai Department Store was traded at 88,900 KRW, up 900 KRW (1.02%) from the previous day. During the day, it rose to 89,000 KRW, setting a new 52-week high again within a day.

This strong performance of Hyundai Department Store is interpreted to be due to expectations for The Hyundai Seoul, which recently opened in Yeouido. The Hyundai Seoul, which opened in Yeouido on the 26th of last month, is the largest department store in Seoul, and it is estimated that more than 1 million people visited during the weekend and the 3.1 holiday period. An Ji-young, a researcher at IBK Investment & Securities, said, "Pre-open sales exceeded about 2 billion KRW, reaching 120% of expectations, and grand open sales are estimated at about 5 billion KRW, greatly surpassing expectations."