Shinsegae

Shinsegae (Korean: 신세계, KRX: 004170) is a South Korean department store franchise, along with several other businesses, headquartered in Seoul, South Korea. The name Shinsegae literally means "New World" in Korean. Its flagship store in Centum City, Busan, was the world's largest department store at 3,163,000 square feet (293,900 m2), surpassing Macy's flagship Herald Square in New York City in 2009.[2][3]

Shinsegae Inc.
Native name
주식회사 신세계
TypePublic
KRX: 004170
IndustryRetail
PredecessorMitsukoshi Keijō (Gyeongseong) Store
Founded1955; 66 years ago (1955)
FounderOriginal store acquired by Lee Byung-chul
Headquarters63 Sogong-ro, Jung-gu, Seoul, South Korea
Area served
South Korea
Key people
Lee Myung-hee
(Chairman)
Chung Yong-jin
(Vice Chairman)
Cha Jeong-Ho
(CEO)
RevenueKRW 1,430,6 billion (2011)[1]
KRW 213,9 billion (2011)[1]
KRW 3,381,9 billion (2011) [1]
Total assetsKRW 370 billion (2011) [1]
Total equityKRW 1,910,2 billion (2011)[1]
OwnerLee Myung-hee (18.22%)
ParentSamsung (1955-1997)
Independent (1997-present)
SubsidiariesE-mart
Websiteen.shinsegae.cn


Shinsegae was originally part of the Samsung Group chaebol, separated in the 1990s from the Samsung Group along with CJ Group (Food/Chemicals/Entertainment), Saehan Group (Electronic Media/Apparel/Textiles), and the Hansol Group (Paper/Telecom). The chairman Lee Myung-hee is the daughter of Samsung founder Lee Byung-chull and younger sister of the chairman of Samsung Electronics Lee Kun-hee.

The group owns the brands Shinsegae and E-Mart, and is in direct competition with Lotte Shopping and Hyundai Department Store Group. Currently it is the largest retailer in South Korea.[4]

Shinsegae is also famous for its long history. The main branch of Shinsegae is the oldest department store in Korea. The main building of the store was opened in 1930 as the Gyeongseong branch of Mitsukoshi, a Japanese department store franchise; Korea was occupied by the Japanese Empire at the time. The store was acquired in 1945 by the late founder of Samsung group, Lee Byung-chull, and renamed Donghwa Department Store. After the Korean War (1950–1953) began, it was used for several years as a post exchange by the American army. In 1963, the store was given the name Shinsegae.[5] The old building is currently used as a luxury shopping venue.

Shinsegae was the first credit card company in South Korea. They issued their own charge card from 1967 to 2000. In 2000, Shinsegae sold their credit card division to KorAm Bank, which was later acquired by Citibank Korea.

StoresEdit

 
Main store in Seoul
 
Main store in Seoul in the Japanese Colonial period, when it was a branch of Tokyo's Mitsukoshi
 
Busan branch, world's largest department store
 
Gwangju branch
  • Main Store (Main Building & New Building) (본점 본관, 신관) in Jung-gu, Seoul
  • Gangnam Store (Main Building & New Building) (강남점 본관, 신관) in Seocho-gu, Seoul the express bus terminal, flagship store turn-over 1billion USD per year top sales store of Shinsegae
  • Yeongdeungpo Store (Building A, Building B & Luxury Hall) (영등포점 A관, B관, 명품관) in Times Square, Yeongdeungpo-gu, Seoul
  • Gyeonggi Store (경기점) in Suji-gu, Yong-in, Gyeonggi-do (Changed its name from Jukjeon Store on October 26, 2009)
  • Shinsegae Centum City (신세계 센텀시티) in Centum City, Hae-undae-gu, Busan (the world's largest department store)[6][7]
  • Masan Store (마산점) in Masan-Happo-gu, Changwon, Gyeongsangnam-do
  • Gwangju Shinsegae (광주신세계, KRX: 037710) in Seo-gu, Gwangju
  • Arario Chungcheong Store (충청점) in Dongnam-gu, Cheon-an, Chungcheongnam-do (Through a management alliance with Arario, owner of Yawoori Department Store, Shinsegae opened this branch in Cheon-an in the building once used as Galleria Cheon-an Store and Yawoori Department Store)
  • Uijeongbu Store (의정부점) in Uijeongbu, Gyeonggi-do
  • Hanam Store (하남점) in Hanam, Gyeonggi-do (Located in Starfield Hanam shopping mall, a joint-venture between Shinsegae and Taubman Centers, which opened on 9 September 2016. Besides Shinsegae, it also features Megabox cinema, Yeongpoong bookstore, Zara, H&M, Hansem, electromart, emart traders (warehouse style), indoor water park and eatopia food court as anchor tenant. Many luxury brand like Louis Vuitton, Prada,Gucci and Genesis and BMW CARS as well as Ioniq EV are in the shopping mall.)
  • Gimhae Store (김해점) in Gimhae, Gyeongsangnam-do
  • Daegu Shinsegae (대구신세계) in Dongdaegu Station, Daegu

Shinsegae also has a small branch in Incheon International Airport, and a supermarket in Dogok-dong, Gangnam-gu, Seoul.

Shinsegae launched the Shinsegae Style Market, a smaller shopping mall mainly aimed at young customers, in 2010. Despite its name, the mall is managed by Shinsegae's subsidiary E-Mart.

PlannedEdit

  • A fashion mall for youngsters in the building of Mesa, a defunct shopping mall right beside Shinsegae's main store in Jung-gu, Seoul
  • Shopping mall at Samsung Town, NW of Seoul new town is under construction

DefunctEdit

  • Daegu Store (대구점) in Jung-gu, Daegu (opened in 1973 and closed in December 1976)
  • Shinsegae Store Banpo (신세계 스토어 반포) in Gangnam-gu, Seoul (opened in 1974 and closed several years later)
  • Gyeongju Bomun Store (경주보문점) in Gyeongju, Gyeongsangbuk-do (opened in 1979 and closed several years later)
  • Dongbang Plaza Store (동방플라자) in Jung-gu, Seoul (opened in 1982 and closed in 1996)
  • Cheonho Store (천호점) in Gangdong-gu, Seoul (closed in 2000, converted into E-Mart Cheonho Store)
  • Mia Store (미아점) in Seongbuk-gu, Seoul (closed in 2007, converted into E-Mart Mia Store)

Discount storeEdit

E-Mart (이마트) is a subsidiary of Shinsegae and a large discount store chain founded in South Korea, having stores in China , Korea and Mongolia. Domestically, E-Mart is the biggest discount store chain followed by Home Plus, and Lotte Mart.

In late May 2006, Shinsegae revealed plans to buy all 16 of the Wal-Mart stores in Korea.[8] All of the country's Wal-Mart outlets were re-branded as E-Mart on October 2006. Wal-Mart exited the Korean market soon after.

Shinsegae spun off its E-Mart department into a separate corporation (KRX: 139480) in 2012. The shopping mall was acquired by E-Mart in January 2014.

Online mallEdit

SSG(usually read as "쓱") is an online shopping mall operated by Shinsegae in 2014. Through this shopping mall, products from Shinsegae affiliates(Shinsegae Department Store, E-Mart, Casamia, CHICOR, etc.) can be shopped online.[9]

SubsidiariesEdit

ControversiesEdit

Shinsegae banned commercial images of actress Go Hyun-jung (고현정) from their department stores following her divorce from vice chairman and CEO Chung Yong-jin.[10]

See alsoEdit

ReferencesEdit

  1. ^ a b c d e Department, 신세계백화점, Shinsegae. "Financial Reporting - shinsegae Department". department.shinsegae.com.
  2. ^ "Guinness World Records: Department Store".
  3. ^ Farfan, Barbara (28 December 2018). "What Is the World's Largest Retail Store?". Small Business. Retrieved 17 April 2019.
  4. ^ "E-Land in talk to sell stores to Tesco South Korea unit". Reuters. 2008-05-14.
  5. ^ "Elegance rules in Shinsegae's new temple of earthly joy". Korea JoongAng Daily.
  6. ^ "New Largest Department Store". Guinness World Records. Retrieved 2009-06-29.
  7. ^ "Busan Mall Gets Guinness Listing as World's Biggest". The Chosun Ilbo. Retrieved 2009-06-28.
  8. ^ "Shinsegae to Take Over Wal-Mart Korea". Archived from the original on 2007-01-03. Retrieved 2019-10-12.
  9. ^ "SSG.COM 소개, SSG.COM". ssg.com. official (in Korean). Retrieved 2021-05-04.
  10. ^ allKpop.com Go Hyun-jung still blacklisted from Shinsegae March 2010

External linksEdit