Daejeon Shinsegae Surpasses 1 Trillion Won in Sales... First Time in 51 Years Since Daejeon's First Department Store

Building a Luxury Lineup in Four Years
Solid Growth as a Landmark Department Store in the Central Region

On December 22, Shinsegae announced that Daejeon Shinsegae Art&Science (Daejeon Shinsegae) surpassed 1 trillion won in cumulative sales (transaction volume) for the year as of December 21.

Daejeon Shinsegae, which opened in August 2021, reached 1 trillion won in sales in just four years since its launch. This marks the first time in 51 years since Jungang Department Store, the first department store in the Daejeon region, opened in 1974. Despite sluggish domestic demand in the first half of the year, Daejeon Shinsegae achieved a solid growth rate of 7% in sales as of December 21.

Night view of Shinsegae Department Store Daejeon Branch. Provided by Shinsegae Department Store

This achievement is attributed to the development of customized spaces and content. Upon opening, Daejeon Shinsegae brought in brands such as Gucci and Bottega Veneta, and introduced luxury jewelry and watch brands like Vacheron Constantin, Jaeger-LeCoultre, IWC, Boucheron, and Bulgari to the Daejeon market for the first time. Subsequently, the store secured Dior, Fendi, Van Cleef & Arpels, Bulgari, and Prada, and exclusively opened Tom Browne, Moncler, and Roger Vivier stores in the region. In the second half of this year, the largest Louis Vuitton store outside the capital area was added. As a result, luxury goods accounted for 40% of total sales this year, with luxury sales increasing by approximately 10% compared to the previous year.

The spatial layout also contributed to sales. Daejeon Shinsegae has a total floor area of about 85,700 pyeong (284,224 square meters), with approximately 28,100 pyeong (92,876 square meters) dedicated to department store operations, offering science, culture, and art content. Notable features include the science museum 'Nexperium,' the Daejeon Shinsegae Gallery, an aquarium with a 4,200-ton tank, and Sky Park. The store also hosted the Hello Kitty 50th Anniversary pop-up, Squid Game 3 pop-up, and opened the 'Hyperground' youth fashion specialty zone. In fact, people in their 20s and 30s accounted for 47% of all visitors this year, making up 40% of sales.

VIP customer services were also enhanced. In February of this year, the existing First Prime Lounge was revamped into the Trinity Lounge, improving VIP services and resulting in a 5% increase in VIP customers compared to the previous year.

The growth of Daejeon Shinsegae is also seen as having expanded the Daejeon commercial district. This year, 65.5% of all visitors to Daejeon Shinsegae came from outside the Daejeon area. According to the national statistics portal e-Local Indicators, department store sales in Daejeon surpassed 1.3877 trillion won after the store opened in 2021, and increased to about 1.8754 trillion won last year.

With this, the number of Shinsegae Department Store branches achieving annual sales of over 1 trillion won has increased to five. With Daejeon Shinsegae joining the ranks alongside the Myeong-dong Main Branch, Gangnam Branch, Centum City, and Daegu Shinsegae, nearly half of the 12 branches (excluding the Cheonan Asan Branch) have now recorded sales exceeding 1 trillion won.

Park Joohyung, CEO of Shinsegae Department Store, stated, "Daejeon Shinsegae has set a new milestone in the region's retail history by surpassing 1 trillion won in sales for the first time ever for a department store in Daejeon. As a landmark department store representing the central region, we will continue to innovate our spaces and provide differentiated content, striving to grow together with the region and deliver greater value to our customers."