Bungaejangter 'Beugeujeuteu Lab 1st Branch' Sees Up to 4,000 Visitors in One Day
80% of Visitors Are MZ Generation... Experience Over 300 Limited Edition Sneakers
The used sneaker store at The Hyundai Seoul in Yeouido, Seoul was the most popular store in this shopping mall. This store, the first branch of BGZT Lab, a sneaker-themed concept opened in 2021 by fashion secondhand trading company Bungaejangter, attracted 1.33 million visitors over three years. The maximum number of daily visitors reached 4,300. Among them, 80% were from the MZ generation. The used sneakers they were enthusiastic about were not just ordinary sneakers. The approximately 300 pairs of used sneakers filling the store were products that were either out of stock domestically or had finished limited sales, making them difficult to obtain. Industry insiders say that this place, which ended its three-year popup operation on the 23rd, was a site where one could observe the MZ generation's 'value consumption.'
On the 26th, Bungaejangter announced that the cumulative number of visitors to the limited-edition sneaker stores BGZT Lab 1st branch and the COEX Mall 2nd branch exceeded 2.1 million. This figure combines 1.33 million visitors to BGZT Lab The Hyundai Seoul branch and 800,000 visitors to the COEX Mall branch, which opened eight months later and is still operating.
At The Hyundai Seoul’s first branch, weekend 'open run' queues continued as people came to see sneakers boasting collectible value. This used sneaker store saw a steady flow of MZ generation (Millennials + Generation Z) visitors, according to a Hyundai Seoul official. When it opened three years ago, it reflected The Hyundai Seoul’s strategy to actively target the MZ generation. Although it was a secondhand shop, because it focused on limited editions, the customers did not overlap with those of stores selling new products.
Bungaejangter explained that the most popular product was the ‘Nike Dunk Low Retro Black.’ A total of 924 pairs were sold at the first branch alone. The new product price was around $100, but since Nike sold only a limited quantity, the used price was more than three times higher.
The highest-priced traded product was the ‘Nike x Staple Dunk SB Low NYC Pigeon,’ produced in only 150 pairs in 2005 by Nike and famous American designer Jeff Staple. The transaction price for this product was 32.5 million KRW, equivalent to the price of a typical passenger car. Also, the collaboration work between Nike and contemporary artist Tom Sachs, the ‘Nike x Tom Sachs Mars Yard Shoe 1.0 Space Camp,’ was traded for 19.95 million KRW. Bungaejangter even formed a purchasing team to showcase such collectible sneakers.
The reason Bungaejangter is ‘serious’ about used sneaker trading is that transactions have noticeably increased. Last year, the fashion category transactions on Bungaejangter reached the scale of 1 trillion KRW. Among these, the transaction amount for ‘street fashion,’ including sneakers, grew by 78% compared to the previous year. The number of products that underwent ‘Bungae Care’ for limited-edition sneaker transactions also increased significantly. This is a service where a specialized team at Bungaejangter’s authentic product inspection center certifies and inspects the authenticity of products. The transaction amount through Bungae Care grew by 131% during the same period.
Choi Jae-hwa, CEO of Bungaejangter, said, "BGZT Lab has established itself as a playground for the MZ generation’s taste consumption, where they can directly try on, touch, and experience the culture related to limited-edition sneakers," adding, "We will quickly capture consumer trends and expand the brand’s vision of ‘value in all things in the world, making consumption sustainable.’"
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