Opening in May... Strategic Entry Targeting Foot Traffic
Challenging the Dominance of Samsung and Apple
Chinese electronics company Xiaomi will open its first offline store in South Korea at the Yeouido IFC Mall in May. Recently, following the launch of the flagship smartphone priced around 2 million KRW, the 'Xiaomi 15 Ultra,' Xiaomi has introduced the cost-effective model 'POCO F7 Pro' through its smartphone sub-brand POCO, establishing a foothold for market penetration.
According to Asia Economy's report on the 28th, Xiaomi is preparing to open the 'Mi Store' in mid-May at the IFC Mall. It will be located on the floor below the Apple Store's second branch, which opened in 2021.
The directly operated store will offer a space where customers can experience various products in one place, including Xiaomi smartphones, wearables, TVs, and robot vacuum cleaners. Visitors can also check out new products such as the recently released cost-effective smartphone 'POCO X7 Pro' and the 'POCO F7 Pro,' which will be launched in the domestic market next month.
At the end of last year, Xiaomi announced plans for offline stores when it established its Korean subsidiary, 'Xiaomi Korea.' Johnny Wu, president of Xiaomi Korea, mentioned in January that the store would operate as a space providing experience, purchase, and after-sales service (AS) all in one location.
Xiaomi has also officially launched its own shopping app, 'Mi Store,' in South Korea. This app offers various services such as product ordering and delivery notifications, gifting, participation in promotions, and Mi Points accumulation. Globally, it has surpassed 100 million downloads on Google Play alone. Xiaomi appears to be focusing on expanding independent sales channels by broadening distribution from the website to mobile platforms.
Xiaomi plans to open a directly operated AS center within the first half of the year. The Mi Store app has also enhanced convenience related to AS by including customer support services. After opening the first Yeouido store, Xiaomi is reportedly considering expanding road shops to major commercial districts in Seoul.
An IT industry insider said, "Xiaomi's entry into Korea is a serious challenge to the domestic smartphone market led by Samsung Electronics and Apple," adding, "It is expected to expand its market share in Korea through an aggressive marketing strategy alongside its premium product lineup."
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