The Hyundai Seoul attracts 100 mn visitors in 30 months

The Hyundai Seoul, the largest shopping mall in the South Korean capital, has attracted over 100 million visitors since its opening to emerge as a hotspot for millennials and Generation Z.

Its stellar performance is thanks to its attraction of new brands to target the younger generation and drawing of consumer attention through pop-up stores. The mall is also nearing 1 trillion won ($756 million) in annual sales this year despite having no branches of the global fashion brands Hermes, Louis Vuitton and Chanel, a formula considered key for department store success.

Hyundai Department Store on Sunday said The Hyundai Seoul exceeded 100 million in cumulative visitors in two and a half years, the fastest by a single retail facility in the country. The mall was opened on February 26, 2021, at the height of the COVID-19 pandemic.

Its location in the financial district of Yeouido has made the latter a popular tourist spot on weekdays and weekends. A study by Hyundai Department Store said 55% of people who made purchases at the mall lived outside of Seoul.

Sales from foreign customers also jumped a whopping 779.7%. from January to last month year on year.

Early after its opening, The Hyundai Seoul received pessimistic forecasts because its lack of luxury stores, with experts saying its targeting of teens and 20-somethings, two demographics with weak purchasing power, would face limits. Nevertheless, it stuck to its strategy of attracting the younger generation through pop-up stores.

The mall plans to lead global trends by attracting more famous brands from home and abroad. Following the opening of a branch of the French luxury brand Dior last year, a Disney store will follow next month and that of Louis Vuitton at year's end.

Distribution industry sources said The Hyundai Seoul's sales this year are likely to break 1 trillion won since they reached posted 950.9 billion won last year and monthly sales this year have grown an average 20%.

Write to Kyeong-je Han at hankyung@hankyung.com