Shinsegae Department Store’s Centum City branch in Busan has achieved over 2 trillion won in annual sales for the second consecutive year, marking a major milestone for a regional department store outside of Seoul.
As of December 21, 2024, the branch surpassed this sales milestone 10 days earlier than the previous year.
Since becoming the first regional branch to achieve 1 trillion won in sales in 2016, Centum City has consistently set records.
The store’s success this year is attributed to its strategic focus on K-fashion and beauty brands, as well as its innovative retail spaces like ‘Hyperground’ and ‘New Contemporary,’ which target younger customers in their 20s and 30s.
Sales in these sections increased by 49% and 23%, respectively, with many K-brands achieving monthly average sales of over 100 million won.
K-beauty brands like Tamburins and Nonfiction saw a 34% rise in sales, while domestic jewelry brands recorded a 119% increase.
The number of international customers visiting the Centum City branch also surged by 253% compared to last year, contributing significantly to its growth.
The branch recorded the highest foreign sales growth rate (668%) among all Shinsegae branches in 2023, highlighting its appeal to global shoppers. Luxury brands such as Chanel and Hermes played a significant role, driving half of the sales growth.
To maintain this momentum, Shinsegae plans to expand its offerings at Centum City next year.
New entertainment spaces such as ‘Fun City’ and ‘Play in the Box’ will be introduced, along with enhanced dining and leisure facilities.
A new sports shoe specialty store recently opened, and tax refund services for international shoppers will be streamlined at over 80 stores, focusing on domestic brands.
Additionally, Shinsegae plans to strengthen its VIP services by introducing the exclusive ‘Upper House’ lounge and expanding its existing VIP facilities.
Over the past five years, VIP sales at Centum City have grown by 73%, outpacing general customer sales growth.
