Shinsegae

Shinsegae (Korean: 신세계) is a South Korean department store franchise, along with several other businesses, headquartering in Seoul, South Korea. The name of Shinsegae literally means "New World" in Korean. Its flagship store in Centum City, Busan, is the world's largest department store, surpassing the Macy's department store in New York City in 2009.

Shinsegae was originally part of Samsung Group, separated in the 1990s from the Samsung Group along with CJ Group (Food/Chemicals/Entertainment), Saehan Group (Electronic Media/Apparel/Textiles), and the Hansol Group (Paper/Telecom). It owns the brands Shinsegae and E-Mart, and is in direct competition with Lotte Shopping and Hyundai Department Store Group. Currently it is the largest retailer in South Korea.

Shinsegae is also famous for its long history. The main branch of Shinsegae is the oldest department store in Korea. The main building of the store was opened in 1930 as the Gyeongseong branch of Mitsukoshi, a Japanese department store franchise. The store was acquired in 1945 by the late founder of Samsung group, Lee Byung-chull, and renamed Donghwa Department Store. After the Korean War (1950–1953) began, it was used for several years as a post exchange by the American army. In 1963, the store was given the name Shinsegae. The old building is currently used as a luxury hall.

Stores

Main Store (Main Building & New Building) (본점 본관, 신관) in Jung-gu, Seoul

Gangnam Store (Main Building & New Building) (강남점 본관, 신관) in Seocho-gu, Seoul

Yeongdeungpo Store (Building A, Building B & Luxury Hall) (영등포점 A관, B관, 명품관) in Yeongdeungpo-gu, Seoul

Incheon Store (인천점) in Nam-gu, Incheon

Gyeonggi Store (경기점) in Suji-gu, Yong-in, Gyeonggi-do (Jukjeon Store converted its name into Gyeonggi Store on October 26, 2009.)

Shinsegae Centum City (신세계 센텀시티) in Hae-undae-gu, Busan (the world's largest department store)

Masan Store (마산점) in Masan-Happo-gu, Changwon, Gyeongsangnam-do

Gwangju Shinsegae (광주신세계) in Seo-gu, Gwangju

Chungcheong Store (충청점) in Dongnam-gu, Cheon-an, Chungcheongnam-do (Through a management alliace with Arario, owner of Yawoori Department Store, Shinsegae opened this branch in Cheon-an in the building once used as Galleria Cheon-an Store and Yawoori Department Store)

Planned

Uijeongbu Store (의정부점) in Uijeongbu, Gyeonggi-do (scheduled for 2011)

A fashion mall for youngsters in the building of Mesa, a defunct shopping mall right beside Shinsegae's main store in Jung-gu, Seoul

Daegu Store (대구점) in Suseong-gu, Daegu (Shinsegae is allegedly searching for a site for a new department store near Beomeo Station of subway line No.2.).

Defunct

Daegu Store (대구점) in Jung-gu, Daegu (opened in 1973 and closed in December, 1976)

Dongbang Plaza Store (동방플라자) in Jung-gu, Seoul (closed in 1996)

Cheonho Store (천호점) in Gangdong-gu, Seoul (closed in 2000, converted into E-Mart Cheonho Store)

Mia Store (미아점) in Seongbuk-gu, Seoul (closed in 2007, converted into E-Mart Mia Store)

Discount store

E-Mart (이마트) is a subsidiary of Shinsegae and a large discount store chain founded in South Korea, having numerous stores in China and Korea. Domestically, E-Mart is the biggest discount store chain followed by Home Plus, owned by Samsung and Tesco, and Lotte Mart.

In late May 2006, Shinsegae revealed plans to buy all 16 of the Wal-Mart Stores in Korea. All of the country's Wal-Mart outlets were re-branded as E-Mart on October, 2006 and Wal-Mart exited the Korean market soon after.

Subsidiary

Shinsegae I&C;

Shinsegae Construction

Shinsegae Food System

Shinsegae International

Westin Chosun Hotel

Controversy

Shinsegae has banned any commercial images of former daughter-in-law and top star Ko Hyun Jung (고현정) from all of their department stores. Ko was granted no visitation rights after her divorce; she has been unable to see her two children for the past seven years.

See also

Westin Chosun Hotels

Samsung

Lotte

Hyundai Department Store Group

Home Plus

References

External links

Shinsegae Homepage

Shinsegae E-Mart Homepage

Shinsegae to take over Wal-Mart in Korea

Shinsegae : Official Seoul City Tourism

Category:Chaebol Category:Former Samsung subsidiaries Category:Retail companies of South Korea Category:Department stores of South Korea Category:Companies established in 1955