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Native name | 주식회사 신세계 |
|---|---|
| Company type | Public |
| KRX:004170 | |
| Industry | Retail |
| Predecessor | Mitsukoshi Keijō (Gyeongseong) Store |
| Founded | 9 December 1955; 69 years ago (1955-12-09) |
| Founder | Original store acquired byLee Byung-chul |
| Headquarters | 63 Sogong-ro,Jung District,Seoul, South Korea |
Area served | South Korea |
Key people | Lee Myung-hee (Chairwoman) Chung Yong-jin (Vice Chairman) Cha Jeong-ho (CEO) |
| Owner | Estate ofLee Myung-hee (28.56%) National Pension Service (12.16%) |
| Parent | Samsung (1955–1997) Independent (1997–present) |
| Subsidiaries | E-mart |
| Website | en |
Shinsegae Inc. (Korean: 신세계;Hanja: 新世界;lit. new world,KRX:004170) is a South Koreandepartment storefranchise, along with several other businesses, headquartered inSeoul, South Korea. The firm is an affiliate of Shinsegae Group, South Korea's leading retailchaebol, and one of the big three department store firms in Korea, along withLotte andHyundai Department Store. Its flagship store in Centum City,Busan, was the world's largest department store at 3,163,000 square feet (293,900 m2), surpassingMacy's flagshipHerald Square inNew York City in 2009.[1][2]
Shinsegae was the firstcredit card company in South Korea. They issued their owncharge card from 1967 to 2000. In 2000, Shinsegae sold their credit card division toKorAm Bank, which was later acquired byCitibank Korea.
Shinsegae was originally part of theSamsung Group, from which it separated in the 1990s along withCJ Group (Food/Chemicals/Entertainment),Saehan Group (Electronic Media/Apparel/Textiles), and theHansol Group (Paper/Telecom). ChairwomanLee Myung-hee is the fifth daughter of Samsung founderLee Byung-chul and the aunt ofLee Jae-yong, the executive chairman ofSamsung Electronics.
The group owns the brands Shinsegae andE-Mart, and is in direct competition withLotte Shopping andHyundai Department Store Group.
The main branch of Shinsegae is the oldest department store in Korea. It was opened in 1930 as theGyeongseong branch ofMitsukoshi, a Japanese department store franchise; Korea wasoccupied by the Japanese Empire at the time. The store was acquired in 1945 by the late founder ofSamsung group,Lee Byung-chull, and renamed Donghwa Department Store. After theKorean War (1950–1953) began, it was used for several years as a post exchange by theAmerican army. In 1963, the store was given the name Shinsegae.[3] The old building is currently used as aluxury shopping venue.
In 2021, Shinsegae bought the then-named SK Wyverns of theKBO League fromSK and renamed then theSSG Landers. They bought them for 135.2 billion won, (100 billion for the team itself, and 35.2 billion for the team's facilities and properties) equivalent to $112.8 million.
Shinsegae Group will split its department store and supermarket divisions into two separate entities, the retail giant said 30 Oct 2024.[4]
TheDaejeon store opened in 2021 is rather unique as it is a combination of department store, to a limited extent a shopping center, together with an art and science-oriented cultural facilities, a hotel and office space.
The 284,224 m2 (3,059,360 sq ft), complex, costing 600 billionwon (500,000,000 USD), consists ofPodium department store area, andEXPO Tower. 88,572 m2 (953,380 sq ft) are dedicated to department store sales area.[5]
Podium includes:[6]
TheEXPO Tower building, 43 stories and 193 meters high, includes:[8]
The complex also includes (it is unclear in which section):[9][10]
| Store | Sq m | City | Location / Notes | Photo | |
|---|---|---|---|---|---|
| English | Korean | ||||
| Centum City | 센텀시티 | 293,905[11] | Busan | in Centum City,Hae-undae-gu (the world's largestdepartment store)[12][13][14] |  |
| Uijeongbu | 의정부점 | 145,000[15] | Uijeongbu | inGyeonggi Province | |
| Daejeon Shinsegae Art & Science | 대전신세계 Art & Science | 88,572 (department store area)[5] | Daejeon | Opened in 2021. 284,224 m2 (3,059,360 sq ft) complex - see section in this article, below. | |
| Myeongdong Main Store | 본점 본관, 신관 | 56,528[16] | Seoul | inJung-gu. Main Building & New Building. |  |
| Yeongdeungpo | 영등포점 A관, B관, 명품관 | 43,305[17] | Seoul | inTimes Square (shopping mall),Yeongdeungpo-gu. Building A, Building B & Luxury Hall. | |
| Gangnam | 강남점 본관, 신관 | 43,305[18] | Seoul | inSeocho-gu, express bus terminal, flagship with sales of US$1 billion/year, the highest of any Shinsegae store. Main Building & New Building | |
| Masan | 마산점 | 26,115[19] | Masan | in Happo-gu,Changwon,South Gyeongsang Province | |
| Gwangju | 광주신세계 | 22,611[20] | Gwangju | inSeo-gu |  |
| Arario Chungcheong | 충청점 | Cheon-an | inDongnam-gu,[21][22]South Chungcheong Province (Through a management alliance with Arario, owner of Yawoori Department Store, Shinsegae opened this branch in Cheon-an in the building once used asGalleria Cheon-an Store and Yawoori Department Store) | ||
| Daegu | 대구신세계 | Daegu | inDongdaegu Station[23] Includes 56,000 sq ft (5,200 m2) aquarium.[24] The 1st, 8th and 9th floors house more than 50 different restaurants, while the Food Market is located on the first basement level. Main concentration of restaurants on the 8th floor (Luang Street Food Court) designed as a dimly lit street of Hong Kong in the 1960s. | ||
| Gimhae | 김해점 | Gimhae | inSouth Gyeongsang Province | ||
| Gyeonggi (formerly Jukjeon) | 경기점 | Yong-in | inSuji-gu,Gyeonggi Province (Changed its name from Jukjeon Store on October 26, 2009)[25] | ||
| Hanam | 하남점 | Hanam | inGyeonggi Province (Located in Starfield Hanam shopping mall, a joint-venture between Shinsegae andTaubman 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 brands like Louis Vuitton, Prada, Gucci and Genesis and BMW CARS as well as Ioniq EV are in the shopping mall.) | ||
Shinsegae also has a small branch inIncheon 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 subsidiaryE-Mart.
E-Mart (Korean: 이마트) is a subsidiary of Shinsegae and a largediscount store chain founded inSouth Korea, having stores inChina, Korea and Mongolia. Domestically, E-Mart is the biggest discount store chain followed byHome Plus, andLotte Mart.
In late May 2006, Shinsegae revealed plans to buy all 16 of theWal-Mart stores in Korea.[27] All of the country's Wal-Mart outlets were re-branded as E-Mart in 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.
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.[28]
Shinsegae banned commercial images of actressGo Hyun-jung (고현정) from their department stores following herdivorce from vice chairman and former CEOChung Yong-jin.[30]
