Shinsegae Department Store’s Gangnam branch records over W2tr in annual sales

Shinsegae Department Store said Tuesday its Gangnam branch recorded annual sales of 2 trillion won ($1.71 billion) in 2019, becoming the first single store to do so in the retail industry in South Korea.

According to Shinsegae, its Gangnam branch in Seoul saw annual turnover exceed 1 trillion won in 2010, hitting the milestone just 10 years after it opened. 

(Shinsegae Department Store)

With the 2019 record, the department store joins the “2-trillion club” to stand shoulder to shoulder with global department stores such as Isetan in Shinjuku, Japan, La Fayette in Paris and Harrods in London, the company said.

Shinsegae Department Store extended the original building of the Gangnam branch from 55,500 square meters to 86,500 square meters, remodeling the entire store in the process, in 2016. 

By Jo He-rim (herim@heraldcorp.com)