SEOUL, December 23 (AJP) - Shinsegae Department Store's Centum City branch in Busan surpassed 2 trillion won ($1.5 billion) in annual sales on Saturday, marking the second consecutive year that a non-Seoul department store has achieved this milestone. The feat comes despite the ongoing challenges facing regional retail.
The store's success can be attributed in part to a surge in foreign visitors, with customer visits increasing by 253 percent this year following a 668 percent jump last year. This growth is largely driven by the mall's strategic focus on Korean fashion and beauty brands.
Sales at the "Hyperground" and "New Contemporary" sections, which feature Korean fashion labels, increased by 49 percent and 23.3 percent, respectively. Twenty Korean brands, including IMIS, Marithé François Girbaud, and Pottery, each generated monthly sales exceeding 100 million won.
K-beauty brands like Tamburins and Nonfiction saw a 34 percent sales increase, while Korean jewelry brands, including Honest Seoul, recorded 119 percent growth.
"Centum City has already demonstrated global competitiveness beyond national boundaries," said Kim Sun-jin, Shinsegae Department Store's head of operations.
Looking ahead, the mall plans to enhance its entertainment facilities and VIP services in 2025, including tax refund services at 80 stores and a new VIP lounge.
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