"Shinsegae Main Branch Outperforms Myeong-dong by 5x: Foreign Tourists Flock to Card Spending After Full Revamp with Hermes, Louis Vuitton, Chanel, Cartier"

Foreign Card Spending Surges 98% in Q1
Proportion of Foreign Sales Triples Compared to Q1 2019

Sales to foreign customers at the Shinsegae Department Store Main Branch have surged dramatically, injecting new energy into the Myeongdong commercial district.

According to Shinsegae Department Store’s analysis of Hana Card payment data released on June 11, foreign card spending at the Main Branch in the first quarter of this year soared by 98% year-on-year, effectively doubling compared to the previous year. In comparison, foreign card spending using Hana Card in the Gwanghwamun and Myeongdong districts (Jung-gu, Seoul) rose by 17% during the same period, indicating that the Main Branch significantly outperformed the average sales growth in the area.

Compared to the first quarter of 2019, the proportion of foreign customers in total sales for the first quarter of this year has nearly tripled. It is considered highly unusual for the share of foreign sales within total revenue to triple in this manner.

Exterior view of the Shinsegae Department Store Main Branch. Shinsegae Department Store

A Shinsegae Department Store representative commented, "An analysis of foreign card spending shows that since the COVID-19 period, Shinsegae Department Store has played a key role as the driving force behind the recovery of the Gwanghwamun and Myeongdong districts," adding, "We will continue to offer Shinsegae’s unique and differentiated shopping experience to both domestic and international customers."

The Main Branch’s performance, which far exceeded the area average, is attributed largely to the effects of its renewal project. By the first quarter of this year, Shinsegae Department Store completed the Main Branch’s The Reserve Renewal Project, bringing in a lineup of global high-end brands such as Hermès, Louis Vuitton, Chanel, and Cartier. Each boutique has been reimagined not only as a retail space but also to maximize the brand’s unique identity and customer experience. As a result, the luxury sector at the Main Branch saw its first-quarter growth rate approach 90% year-on-year, demonstrating robust growth.

Additionally, enhanced experiential content beyond shopping spaces has been cited as a core factor in attracting foreign visitors. Shinsegae Square, located in front of the Main Branch’s main entrance, has become a must-visit destination for international tourists, featuring year-round cultural content such as K-pop artist videos and Christmas lighting ceremonies.

Services for foreign customers have also been strengthened. The number of unmanned kiosks at the tax refund desk has been increased to reduce waiting times, and an AI-based “multilingual simultaneous interpretation service” has been introduced to enhance shopping convenience.

Shinsegae Department Store continues to offer special benefits for foreign customers. From May until June 14, it is hosting the “Shinsegae City Tour Shopping Festa,” a tourism-themed shopping festival connecting key stores in Seoul and Busan. The event features K-busking performances, free The Heritage exhibitions, and collaborative discounts with global payment and tax refund companies.

This content was produced with the assistance of AI translation services.