Lotte, Shinsegae, and Hyundai department stores recorded first-half foreign sales of 640 billion won, 580 billion won, and 500 billion won respectively, nearing their 2023 annual totals. The surge in foreign tourists visiting South Korea and the weak won created a favorable shopping environment. The three major South Korean department store chains are on track to potentially achieve their first annual foreign sales of 1 trillion won each, driven by strong demand across luxury goods and fashion categories.
Lotte Department Store Records 640 Billion Won in First-Half Foreign Sales
Lotte Department Store achieved first-half foreign sales of 640 billion won, marking the highest performance in company history. The company expects to surpass its 2023 annual foreign sales of 734.8 billion won within this month. Lotte projects it will become the first in the industry to reach 1 trillion won in foreign sales by the third quarter. Foreign customer purchases of overseas luxury goods grew approximately 130% in the first half, while fashion product sales increased 135%.
Shinsegae and Hyundai Report Strong First-Half Performance
Shinsegae and Hyundai department stores recorded first-half foreign sales of 580 billion won and 500 billion won respectively, representing significant growth compared to their 2023 annual foreign sales of 650 billion won and 700 billion won. Shinsegae's first-half foreign sales growth rate reached 120%. The Hyundai Seoul location, where foreign sales account for over 20% of total revenue, saw foreign customer sales grow 134% in the first half.
Luxury Goods and Fashion Drive Category Growth
Shinsegae Department Store's luxury goods sales increased 129.3% compared to the same period last year. Men's fashion sales grew 110.0%, women's fashion increased 89.4%, and cosmetics sales rose 87.3%. Lotte Department Store reported that foreign customer purchases grew across major categories, with overseas luxury goods and fashion products leading the expansion. The sustained growth across multiple product categories reflects strong purchasing power among foreign visitors.
FAQ
What were the first-half foreign sales for South Korea's major department stores?
Lotte Department Store recorded 640 billion won in first-half foreign sales, Shinsegae recorded 580 billion won, and Hyundai recorded 500 billion won. These figures represent the highest first-half performance in each company's history and are approaching their respective 2023 annual totals.
Why did foreign sales at South Korean department stores grow significantly?
The growth was driven by a surge in foreign tourists visiting South Korea and the weak won, which created a favorable shopping environment. Foreign customer purchases of luxury goods at Lotte grew approximately 130%, while Shinsegae's luxury goods sales increased 129.3% compared to the same period last year.
When does Lotte Department Store expect to reach 1 trillion won in foreign sales?
Lotte Department Store expects to surpass its 2023 annual foreign sales of 734.8 billion won within this month and projects it will reach 1 trillion won in foreign sales by the third quarter, which would make it the first in the industry to achieve this milestone.
