BUSINESS KOREA




 

Shinsegae Department Store announced on Sept. 24 that it signed a memorandum of understanding (MOU) with Tokyu Retail Management, a subsidiary of Japan’s Tokyu Group, for Korea-Japan content exchange and business model enhancement at Shinsegae Department Store headquarters in Seocho-gu, Seoul on Sept. 23.

Tokyu Group, established in 1922 based on the railway business, operates major railway lines and stations in Tokyo. It is a conglomerate with a business network across Japan, including important landmarks in Shibuya (Shibuya109, Shibuya Hikarie, etc.), department stores, real estate, and hotel resorts. Tokyu Retail Management is a subsidiary that oversees the operation of Tokyu Group’s commercial facilities.

Through this MOU, the two companies plan to strengthen brand exchanges and promotions based on their respective commercial facilities and cooperate to create new value in both countries’ markets continuously.

In particular, Shinsegae Department Store will enhance customer accessibility by entering Tokyu Group’s commercial facilities located in central Shibuya through this MOU. In line with the MOU, a Shinsegae Hyper Ground pop-up store will be held at “Shibuya109” next month.

Shibuya 109 has established itself as a landmark in Shibuya since its first opening in 1979. It is a shopping mall that has recently gained popularity among MZ female customers who love K-pop, hosting K-pop pop-ups.

Through the Shinsegae Hyper Ground pop-up, they plan to showcase “rising star” K-brands that have been proven in Korea to Japanese customers, continuing the K-brand sensation.

Previously, Shinsegae Hyper Ground successfully held K-fashion and K-beauty pop-up stores in Thailand, Japan, Singapore, and Paris. Since 2023, it has been going abroad with Korean brands to increase brand expandability and attract new customers.

Jang Su-jin, head of the Shinsegae Department Store Merchandise Division, said, “Through this MOU with the Tokyu Group, we have created a platform to showcase a new expanded form of Shinsegae Hyper Ground,” adding, “We will strive to get closer to customers in both Korea and Japan through collaboration between the two companies.”