[Luxury World] The 'Inyeoseok' Worth 18.5 Million Won... The Most Expensive Wine Sold at Lotte Department Store

Wine Demand Declines, but Fine Wine Sales Jump 20%
Sales of Ultra-Premium Wines Over 1 Million KRW Up 50%
'Leroy's Wine' Domaine d'Auvenay Sells for 18.5 Million KRW This Year
House of Shinsegae's Fine Wine 'Winecella' with 5,000 Bottles

On the afternoon of the 27th, a visit to Winecella felt like stepping into a museum that gathered wines from around the world in one place. Taking the escalator up to the second-floor store, I was overwhelmed by the densely packed variety of wines displayed in large shelves. The approximately 5,000 bottles of wine were categorized by wine regions such as Burgundy and Bordeaux in France, and Napa Valley in the United States. The first wine that caught my eye was priced at 1.17 million won. The wines placed in the so-called 'Golden Zone' (the most eye-catching display area) were priced at a minimum of 500,000 won, easily exceeding 1 million won.

Winecella, part of Shinsegae Department Store's 'House of Shinsegae' which opened earlier this month, is a store specialized for customers purchasing fine wines. The Burgundy-exclusive wine shop 'Burgundy &', previously operated, was replaced by Winecella. This time, in addition to Burgundy wines, a large selection of premium and rare wines representing the top 5% worldwide were brought in. The store collaborated with Jeanie Jo Lee, a Master of Wine, known as the highest qualification in the wine field. The wines displayed in the store were personally selected by her.

Although the explosive growth rate of the wine market during the COVID-19 pandemic has recently slowed down, the demand for 'Fine wine' priced above 200,000 won continues to grow.

House of Shinsegae 'Winecella' view.
Photo by Minji Lee

Department Store Wine Sales Decline... Ultra-High-End Wines Over 1 Million Won Grow by 50%

According to Lotte Department Store on the 30th, the growth rate of the wine market is slowing down year by year. Wine sales, which surged by 20% annually in 2021 due to the sharp increase in demand during the COVID-19 period, recorded only about a 5% growth rate last year and in the first half of this year.

However, the demand for premium wines continues to increase steadily. Shinsegae Department Store's fine wine sales in the first quarter of this year rose by about 20% compared to the previous year. Looking at the sales of the Burgundy wine specialty shop 'Burgundy &', operated by Shinsegae Department Store at the Gangnam branch last year, sales of wines priced above 500,000 won increased by 20%, and sales of ultra-high-end wines priced above 1 million won grew by 50% compared to the previous year. Burgundy wines, along with Bordeaux wines, represent France. They are considered expensive wines due to high demand and low production volume. A department store official said, "After the endemic phase, the number of people purchasing wine has decreased, slowing growth. However, demand for high-priced premium wines continues to rise, driving wine sales growth."

The most expensive wines sold at department stores this year approach 20 million won. The most expensive wines sold by Lotte Department Store this year are 'Domaine d'Auvenay Meursault' and 'Domaine d'Auvenay Puligny-Montrachet Les Combettes', each priced at 18.5 million won.

Both wines are Burgundy wines and are considered the best in the global wine market, known as 'Leroy's wines.' The wines produced by Lalou Bize-Leroy are known as the most expensive among Burgundy products. Leroy produces 'Domaine d'Auvenay' and 'Domaine Leroy' wines. The grape harvest volume is less than half compared to other places, and every process from production to winemaking and bottling is done by hand, making these wines regarded as the 'best wines' among wine enthusiasts.

Numerous Wines Priced Over 1 Million Won... Department Store Industry Says "Capture the Fine Wine Market"

House of Shinsegae 'Winecella' appearance.
Photo by Minji Lee

As demand for fine wine continues to grow, department stores are strengthening services by offering specialized wine recommendation services or opening dedicated classes. Shinsegae Department Store plans to focus its fine wine product sourcing capabilities at Winecella while providing VIP customers with tasting and pairing sessions, expert lectures, and concierge services. Through these services, they aim to provide a community space for wine enthusiasts.

Lotte Department Store is aggressively recruiting sommeliers and strengthening its wine sourcing capabilities. So far, they have hired four renowned sommeliers who are responsible for store and partner management, direct wine purchasing, wine classes, and curation. Additionally, they operate a combined club function within the department store's application (app) that allows wine enthusiasts to communicate.

Hyundai Department Store is also planning a premium wine introduction event at its Apgujeong main branch. A department store official said, "Sommelier Noh Tae-jung is hosting dinner events offering wine pairing," adding, "Noble wines priced around 1 million won, such as 'Ch?teau d'Yquem' and 'Ch?teau Ozon,' are representative popular products."