Hyundai Department Store Plants 'The Hyundai' Success DNA in Thailand

Signed a 'Comprehensive Business Agreement' with Siwam Piwat Group
Sharing Store Know-how That Captivated MZ with Pop-ups and Interiors
Established K-Content Specialty Zone in Bangkok's Large Shopping Mall

Hyundai Department Store is exporting the success know-how of The Hyundai Seoul to Thailand.

According to Hyundai Department Store on the 21st, on the 20th (local time), it signed a 'Comprehensive Business Agreement for Synergy Creation' with Thailand's Siam Piwat Group. Siam Piwat Group is a leading Thai distribution company operating shopping malls such as Siam Paragon, Siam Discovery, Siam Center, and ICONSIAM. Hyundai Department Store aims to transfer its unique store operation method that captivated the MZ generation (Millennials + Generation Z) through The Hyundai and conduct joint VIP (Very Important Person) marketing.

On the morning of the 20th (local time), Jung Ji-young, President of Hyundai Department Store (left in the photo), and Chadathip Chutrakul, Group CEO of Siam Piwat (right in the photo), are taking a commemorative photo after signing an MOU at the Siam Piwat Building in Bangkok, Thailand.
[Photo by Hyundai Department Store]

The signing ceremony held at the Siam Piwat Building in Bangkok, Thailand, was attended by key officials including Jung Ji-young, President of Hyundai Department Store; Chadathip Chutrakul, CEO of Siam Piwat Group; and Mayuree Chaipromprasit, President of Siam Piwat Group. On this day, Jung Ji-young, President of Hyundai Department Store, said, “Through this business agreement, we will promote the excellence of The Hyundai Seoul not only in Thailand but also throughout Southeast Asia.”

First, both companies agreed to mutually exchange store operation know-how. They plan to conduct joint research to apply The Hyundai Seoul’s successful know-how?such as unique pop-up stores that attract the MZ generation’s attention, bold store layouts, and Instagrammable interiors where customers can stay longer?to Siam Piwat Group’s shopping malls.

In addition, they agreed to jointly conduct VIP marketing. For example, Hyundai Department Store VIP customers visiting shopping malls operated by Siam Piwat in Thailand will receive VIP services, and conversely, Siam Piwat VIP customers visiting Hyundai Department Store will be able to enjoy VIP benefits provided by Hyundai Department Store.

Furthermore, with this agreement, Hyundai Department Store will operate a ‘K-Content Specialty Hall’ within the shopping malls run by Siam Piwat Group in Bangkok, the capital of Thailand. The store is expected to be located in Siam, Bangkok. Siam is a commercial district combining the characteristics of Myeongdong, a shopping hotspot with many tourists and floating populations, and the upscale Gangnam area. Hyundai Department Store plans to fill the K-Content Specialty Hall with various K-contents favored by the MZ generation, such as K-Food, K-Pop, and K-Webtoon. Some stores within the K-Content Specialty Hall will host domestic small and medium-sized brands, serving as a foothold for these brands to enter overseas markets. Regarding this, President Jung said, “We will focus our capabilities to help domestic small and medium-sized brands pioneer overseas sales channels.”

This business agreement began with a ‘love call’ from Siam Piwat Group to Hyundai Department Store. Since the transition to the endemic phase, Siam Piwat Group employees resumed global offline retail tours last year. Despite the rapid growth of COVID-19 and online shopping causing a crisis in offline retail worldwide, they were reportedly highly attracted to The Hyundai Seoul, which has established itself as a ‘mecca for the MZ generation.’ They highly evaluated the fact that The Hyundai Seoul broke the perception of department stores as mere shopping spaces and presented a new paradigm for offline retail. In fact, the sales proportion of customers in their 20s and 30s at The Hyundai Seoul is about 58%, more than twice the average proportion of 20-30s customers (25%) at Hyundai Department Store excluding The Hyundai Seoul.