Hyundai Department Store Pangyo Branch Achieves '2 Trillion Won Annual Sales' in Korea's Shortest Time

First Outside Seoul and Busan to Achieve the Milestone in 10 Years and 4 Months
Unmatched Luxury Brand Portfolio and Customer Experience Innovation Drive Growth
Jung Ji-Young: "Strengthening the Status as Korea’s Leading Luxury Retailer"

Hyundai Department Store Pangyo Branch has surpassed 2 trillion won in annual sales just 10 years and 4 months after opening. After joining the "1 Trillion Won Annual Sales Club" in the shortest time among domestic department stores-5 years and 4 months after its August 2015 opening-the branch has now also claimed the title of the fastest department store to reach 2 trillion won in annual sales.

Hyundai Department Store Pangyo Branch exterior. Provided by Hyundai Department Store.

According to Hyundai Department Store on December 28, as of December 27, Pangyo Branch had accumulated over 2 trillion won in sales, marking a roughly 16% increase compared to last year’s 1.73 trillion won. Considering that the domestic department store sales growth rate this year (January-October) remained in the 2% range, this is a remarkable achievement. Pangyo Branch is the first department store outside of Seoul and Busan to surpass 2 trillion won in sales.

It is analyzed that the branch's early focus on strengthening its luxury merchandise planning (MD) strategy played a major role in achieving these results. Since opening in 2015, Pangyo Branch has continuously attracted global luxury brands such as Louis Vuitton, Cartier, Tiffany, Bulgari, and Piaget. Even after reaching 1 trillion won in annual sales in December 2020, the branch introduced top-tier luxury brands to the Gyeonggi region for the first time, including Herm?s (2022), Graff (2023), Dior (2023), Rolex (2025), and Goyard (2025). Pangyo Branch currently boasts the largest number of luxury brands among all Hyundai Department Store locations, with 96 brands.

This year, sales growth in ultra-high-end watches and jewelry, which are leading global luxury trends, was particularly strong. Sales in the luxury watch and jewelry segment at Pangyo Branch increased by 51.4% compared to the same period last year, far exceeding the average growth of all branches (28.9%).

The branch's wide customer base, spanning not only Pangyo but also the broader Seoul and Gyeonggi metropolitan areas, also contributed to this success. Pangyo Branch is surrounded by clusters of IT companies, attracting a young, high-income clientele. Its proximity to major railway lines such as the Shinbundang Line and key expressways like the Gyeongbu Expressway and Bundang-Suseo Road ensures excellent accessibility from across the Seoul metropolitan area. In fact, the proportion of VIP customers in their 20s and 30s at Hyundai Department Store Pangyo Branch surpassed 30% for the first time in 2023 and reached 32.5% this year, continuing to rise.

The number of customers traveling from metropolitan areas more than 10 kilometers away is also increasing each year. The proportion of sales from these metropolitan customers grew from 38.6% in the branch’s first year (2015) to 55.6% this year. This is more than 20 percentage points higher than the average metropolitan sales ratio (30%) across all Hyundai Department Store branches.

Among all VIP customers who spend more than 30 million won annually, 78.2% are long-distance visitors. These customers come not only from the southeastern part of Gyeonggi Province (Yongin, Suwon, Gwacheon, Anyang; 13.7%) and the eastern region (Yeoju, Icheon, Hanam; 9.8%), but also from Seoul’s Gangnam area (Gangnam, Seocho, Songpa, Gangdong; 33.1%), northern Seoul districts such as Seongdong and Yongsan (13.1%), and other areas including Incheon (8.5%).

The branch’s strategy of innovating the customer experience with experiential content has also been positive. From the outset, Pangyo Branch has focused on shifting the offline retail paradigm from “shopping” to “experience,” under the concept of “selling experiences.” The Hyundai Museum of Kids’ Books & Art (MOKA), the only one of its kind operated by a domestic department store, is a prime example. MOKA occupies a 2,736-square-meter (830-pyeong) space-enough for 40 to 50 apparel stores-and is filled with two exhibition halls and 6,500 picture books for children. Since opening in 2015, it has welcomed more than 1 million visitors over 10 years, serving as a complex cultural space for families and a standout “killer content.”

The branch also features the industry’s largest food hall (13,860 square meters, 4,192 pyeong), which is one of Pangyo Branch’s competitive advantages. Currently, the food hall houses over 120 restaurants and F&B outlets, leading not only domestic but also global gourmet trends.

Hyundai Department Store plans to continue innovating content focused on customer experience, developing Pangyo Branch into a core hub for luxury retail in Korea. In January next year, the Louis Vuitton store on the first floor will undergo a major expansion and reopen. The company also plans to develop new IP content, enhance large tenant facilities, and expand experiential complex cultural spaces to offer customers new experiences. In addition, to further strengthen VIP services, Hyundai Department Store is planning to establish an additional lounge for top-tier VIP customers, in addition to the five VIP lounges currently in operation.

Jung Ji-Young, President of Hyundai Department Store, stated, “The achievements of Pangyo Branch are not just about expanding sales, but demonstrate how offline retail is evolving from ‘what to sell’ to ‘what kind of experience to provide.’ Hyundai Department Store Pangyo Branch will continue to lead innovation in customer experience and retail paradigms, further solidifying its position as the center of luxury retail in Korea.”