South Korea’s prominent retail giant, Shinsegae Group, is poised to introduce an array of luxury wines, some priced in the tens of thousands of dollars range, in Seoul. This initiative comes amid sustained demand for premium wines, despite a slowdown in the local wine market.
Scheduled to open its doors on June 10th, Shinsegae Department Store’s Gangnam branch will unveil a dedicated shop spanning 1,300 square meters (14,000 square feet). The shop will boast an impressive collection of approximately 5,000 luxury wines, featuring esteemed labels such as Liber Pater, Domaine Leroy, and Grand Cru classés, as revealed by industry sources in Seoul.
In addition to offering an extensive selection, the shop will cater to affluent clientele with bespoke services including luxury wine storage, private tasting and pairing events, as well as educational sessions conducted by professional sommeliers.
Despite a contraction in the South Korean wine market, Shinsegae Department Store anticipates robust growth in luxury wine sales. A spokesperson from the department store industry underscored the resilience of the high-end wine market, likening its performance to the buoyancy seen in luxury goods during economic downturns.
Notably, Shinsegae Department Store has witnessed a remarkable surge in sales of wines priced above 1 million won ($733), which have surged by over 50% in the first five months of this year. This growth contrasts with a 12.9% decline in South Korea’s overall wine imports, which amounted to $506 million last year.
Situated in the affluent Seocho District, one of South Korea’s wealthiest neighborhoods and a premier locale in Seoul, the Gangnam branch of Shinsegae Department Store stands as the country’s largest single department store by sales. In 2023, the store reported revenue exceeding 3 trillion won, surpassing this milestone for the first time in South Korea’s retail history. Following closely behind is Lotte Department Store Jamsil, with sales totaling 2.8 trillion won.
