Shinsegae Department Store’s Centum City location in Busan has surpassed $1.5 billion USD in annual sales, marking the third consecutive year the store has achieved this milestone. This is the first time a Shinsegae branch outside Seoul has exceeded this level for three straight years.
Shinsegae announced on November 26 that Centum City reached the sales milestone as of November 25. Opened in 2009, the department store first recorded annual sales of approximately $750 million in 2016, becoming the first regional branch to reach that figure, and surpassed $1.5 billion in 2023. This year’s milestone was reached 26 days earlier than last year.
Spanning approximately 7.25 million square feet, Centum City has consistently attracted luxury shoppers. From its opening, the store housed flagship boutiques of the three most prominent luxury brands — Hermès, Louis Vuitton, and Chanel — and has since added high-end jewelry brands including Graff, Cartier, Bulgari, Tiffany & Co., and Van Cleef & Arpels, as well as watches from Patek Philippe and Rolex.
In May, the store expanded its VIP offerings by opening the Upper House, an exclusive lounge for customers with “Black Diamond” status or higher. VIP customers now account for 47% of total sales through October this year.
Centum City has also focused on younger consumers, opening areas such as Hyperground and the New Contemporary specialty section, as well as premium children’s and sports footwear zones. This year, the store repurposed former duty-free space to launch the Hello Kitty Apple Cafe and a merchandise shop, X Square, combining popular webtoon and intellectual property (IP) products to attract new customer segments.
These strategies have produced notable results. According to Shinsegae, sales among MZ generation customers (born in the early 1980s to early 2000s) increased 30%, while sales from foreign customers surged 150% compared to the previous year.
“Shinsegae Centum City has overcome regional department store limitations and achieved a landmark milestone with three consecutive years exceeding $1.5 billion in sales,” said Gwak Young-min, store manager of Centum City. “We will continue to pursue innovative spaces, differentiated customer services, and community engagement to grow alongside the region and become a global department store.”
Centum City has also been recognized for its local contributions, earning the ‘Best Performer’ designation for four consecutive years in the Busan regional contribution survey, which evaluates cooperation between large retailers and local communities.
