Shinsegae

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Shinsegae Group

logo
legal form Corporation
ISIN KR7004170007
founding 1963
Seat Seoul , South Korea
management Lee Myung-hee (Chair),
Chung Yong-jin (Vice Chair and CEO)
Branch Retail, hotel
Website www.shinsegae.com
As of June 2016

Korean spelling
Korean alphabet : 신세계
Revised Romanization : Sinsegye
McCune-Reischauer : Sinsegye
Republic of Korea Gwangju Shinsegae

Shinsegae is a South Korean group of companies, headquartered in Seoul , inter alia, in Korea under the name of Shinsegae department stores , upscale and under the name Emart in South Korea and China department stores operates in the lower price segment. The name Shinsegae means New World .

history

The company's headquarters in Seoul, built in 1930

The company was originally founded in 1930 as a subsidiary of the Japanese company Mitsukoshi . The building erected for this purpose in Seoul still serves as the headquarters of the Shinsegae Group today. After the Second World War , the department store was continued by Koreans, renamed Donghwa department store in 1955 after the participation of an insurance group and continued as Shinsegae department store in November 1963 after the takeover by the Samsung Group .

In 1983 Shinsegae took over the Westin Chosun Hotel in Seoul. In August 1985, the company went public in Seoul. In November 1991 the company was spun off from the Samsung group and became independent. In the same year Shinsegae Engineering & Construction Co., Ltd. founded in order to take over construction projects in the retail sector in the future. In 1993, the first e-mart store was opened in the Changdong district of Seoul. In 1995 Shinsegae Food Co., Ltd. established that operates grocery stores in Korea. Since 1996 Shinsegae International Co., Ltd. the distribution of international and Korean designer fashion brands in Korea. In 1997, the first e-mart store in China was opened in Shanghai . In the same year, the Shinsegae Group entered into a joint venture with Starbucks to operate Starbucks stores in Korea. The subsidiary Shinsegae I&C Co., Ltd. was founded as an IT provider. Since 2005, Shinsegae Chelsea Co., Ltd. in collaboration with the American Simon Property Group Factory Outlet Centers in Korea. In 2006 three more e-mart stores were opened in China.

The Shinsegae group today

2014, the company had about 15 upscale Shinsegae -Kaufhäuser in Korea and 140 e-Mart - discount stores in Korea and six in China. Sales in 2006 were 6.5 trillion won ; In 2010 it was 14.5 trillion with a net profit of more than one trillion won. Direct competitors in Korea are Lotte Shopping and the Hyundai Department Store Group . Shinsegae employed 16,383 people in December 2004. In 2010, the Shinsegae division had 3,031 employees and e-mart had 12,893 employees

On May 22, 2006, the company announced that it would take over the 16 Korean Wal-Mart stores with 3,300 employees for 882 million US dollars (approx. 690 million euros) and convert them into E-Marts. E-mart is the largest retailer in South Korea with a market share of around 30 percent (as of 2006) and around 9,000 employees.

The group's president is Lee Myung-hee . She is the daughter of Samsung founder Lee Byung-chull and the younger sister of Lee Kun-hee , President of Samsung Electronics. The CEO and Vice President is her son Chung Yong-jin .

Since 2009 the Shinsegae Centumcity Department Store in Busan has been the largest in the world with an area of ​​293,905 m². In 2015 there were around 15 Shinsegae department stores in Korea, including a branch at Incheon Airport and two smaller Shinsegae Style Markets within E-Marts (the latter are also managed by E-Mart). In 2011 it was separated into Emart Co., Ltd. (Discounter) and Shinsegae Department Store Co., Ltd. (Noble department stores) completed. Since then, both companies have been subsidiaries of the parent Shinsegae Group.

In early 2016, South Korea's largest retail group announced it would invest US $ 3.4 billion and hire 14,400 additional employees in the same year.

Business areas

The Shinsegae Group's businesses include:

  • retail trade
    • Shinsegae Co., Ltd. with ten large department stores in the upscale segment (comparable to KaDeWe in Germany).
    • Emart Inc . with the 165 hypermarkets (15 of them in China). Hypermarkets are grocery stores that also sell other goods (clothing, shoes, sporting goods, etc.).
    • Everyday Retail Co, Ltd. with 127 supermarkets. Comparable to REWE and EDEKA in Germany.
    • Shinsegae Simon Co, Ltd. is a joint venture with the US-based Simon Property Group. The company operates luxury goods stores in three locations.
  • Fashion
    • Shinsegae International Co, Ltd. imports foreign premium fashion and sells through the department stores in the group. The company also manufactures and markets its own brands such as VOV, G-Cut and Tomboy.
  • Hotel industry
    • Shinsegae Choson Hotel Co, Ltd. belong to two large hotels with restaurant and office services. The company also has a duty free shop.
  • Food and beverages
    • Shinsegae Food Co, Ltd. produces, distributes and markets food.
    • Starbucks Korea Co, Ltd. is a joint venture between Shinsegae and Starbucks .
    • Shinsegae B&L Co, Ltd. offers premium wines (e.g. G7, De Martino, Meo Camuzet, Kathryn Kennedy) and beers (e.g. Warsteiner , Staropramen, Jever ).
  • Infrastructure
    • Shinsegae I&C Co, Ltd. is an ICT developer and service provider.
    • Shinsegae Engineering & Construction Co, Ltd. is South Korea's leading multi-purpose shopping center construction company.
  • Multipurpose shopping centers

Several multi-purpose shopping centers (department stores, entertainment establishments, restaurants, bars, etc.) are planned.

Web links

Commons : Shinsegae  - collection of images, videos and audio files

Footnotes

  1. Wal-Mart pulls out of South Korea, sells 16 stores , usatoday.om, May 22, 2006
  2. South Korea's E-Mart Is No Wal-Mart, Which Is Precisely Why Locals Love It , wsj.com, August 10, 2006
  3. Unsuccessful in South Korea: Wal-Mart clears the field on n-tv.de from May 22, 2006.
  4. Largest department store , guinnessworldrecords.com, accessed April 6, 2015
  5. Shinsegae Group in massive expansion plan. InsideRetail Asia, February 1, 2016, accessed June 20, 2016 .