December 17, 2021 12:48
Sales of the luxury outlet of Galleria Department Store in tony Apgujeong in southern Seoul have surpassed W1 trillion this year despite the coronavirus pandemic (US$1=W1,184).
Since overseas travel ground to a halt, many rich Korean spent their money on their obsession with luxury labels instead. As a result, 10 department stores' sales surpassed W1 trillion this year, compared to just five last year.
The luxury Apgujeong store has all the big brands loved by Koreans -- Hermès, Louis Vuitton and Chanel.
As of the end of November, sales of luxury goods surged 31 percent on-year, with high-end jewelry and watch sales jumping 67 percent and other accessories 49 percent.
"Sales to VIPs who buy more than W20 million worth of goods annually soared 49 percent to account for 40 percent of total luxury goods sales," a staffer said. "Sales of luxury goods helped the department store to achieve over W1 trillion in annual sales for the first time since its opening 31 years ago."
Neighbor Hyundai Department Store said earlier this month that annual sales also surpassed W1 trillion for the first time in its 36-year history.
Lotte Department Store in Busan achieved the feat for the second time since 2019, and Shinsegae Department Store in Daegu and Hyundai Department Store at COEX in Samseong-dong also hit the marker. The top earner is Shinsegae's Gangnam branch with W2.4 trillion.
- Copyright © Chosunilbo & Chosun.com