Department stores see mixed results in the capital and regional areas, while shopping mall-style stores make great strides = Korea

Among the 68 branches of Korea's top five department stores, the first and second highest sales in 2024 were Shinsegae Department Store Gangnam Branch with 3.327 trillion won (approximately 356.646 billion yen), and
The first was Lotte Department Store Jamsil with 3.55 trillion won (approximately 327.488 billion yen). Only 20 out of 68 stores saw an increase in sales. All stores ranked 1st to 10th saw an increase.
However, out of the other 58 stores, only 10 stores saw an increase in sales. Of the stores that ranked within the top 10 for sales increase, only two, including Shinsegae Department Store Centum City Daegu, were located outside the capital area, while the rest were
They are located in the Tokyo metropolitan area. An industry insider said, "In the case of stores outside the Tokyo metropolitan area, it seems that only the base stores are seeing an increase in profits. Stores with a certain level of sales floor space are the winners."
The growth of shopping malls, which offer not only shopping but also various experiences and relaxation, has been remarkable. Hyundai Seoul was ranked within the top 10 in sales within three years of opening, and Hyundai
Sales in Daegu, Seoul, also rose 1.4%. An industry source said, "We are now in an era where department stores cannot survive unless they also add the functionality of a shopping mall. Most stores outside the capital area are small and medium-sized."
"And because the region is depopulating and purchasing power is declining, it will be difficult to reflect these trends."