How do you create a successful luxury offering that is both international and local?
Founded 80 years ago, Shinsegae (‘New World’ in Korean) is the largest and most prestigious retailer in South Korea. Its department store in Centum City, Busan, is the world’s largest. Shinsegae has consistently led the affluent living culture of Korea, and its international luxury brand concessions and food halls rival the finest in the world.
As part of a $100m expansion and overhaul of their 10-storey flagship in Seoul, we were engaged to develop a radical reinvention of its homewares offering. Our brief was to deliver a new Home / Living concept to meet and further stimulate demand for premium and luxury homewares in the South Korean market.
First, we undertook a detailed market analysis in order to gain a better understanding of the nuances of a local market where families typically live in high-rise apartments that are tiny compared with their equivalents in the West.