Shinsegae
Encyclopedia
Shinsegae is a South Korea
n 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.
(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.
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
n department store
Department store
A department store is a retail establishment which satisfies a wide range of the consumer's personal and residential durable goods product needs; and at the same time offering the consumer a choice of multiple merchandise lines, at variable price points, in all product categories...
franchise
Franchising
Franchising is the practice of using another firm's successful business model. The word 'franchise' is of anglo-French derivation - from franc- meaning free, and is used both as a noun and as a verb....
, along with several other businesses, headquartering in Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
, South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
. The name of Shinsegae literally means "New World" in Korean
Korean language
Korean is the official language of the country Korea, in both South and North. It is also one of the two official languages in the Yanbian Korean Autonomous Prefecture in People's Republic of China. There are about 78 million Korean speakers worldwide. In the 15th century, a national writing...
. Its flagship store in Centum City
Centum City
Centum City is a major multi-project urban development part of Haeundae-gu in Busan, South Korea. This site is at the westernmost area of Haeundae-gu in Woo-1-dong...
, Busan
Busan
Busan , formerly spelled Pusan is South Korea's second largest metropolis after Seoul, with a population of around 3.6 million. The Metropolitan area population is 4,399,515 as of 2010. It is the largest port city in South Korea and the fifth largest port in the world...
, is the world's largest department store, surpassing the Macy's
Macy's
Macy's is a U.S. chain of mid-to-high range department stores. In addition to its flagship Herald Square location in New York City, the company operates over 800 stores in the United States...
department store in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
in 2009.
Shinsegae was originally part of Samsung Group
Samsung Group
The Samsung Group is a South Korean multinational conglomerate corporation headquartered in Samsung Town, Seoul, South Korea...
, separated in the 1990s from the Samsung Group along with CJ Group
CJ Group
CJ Group is a large South Korean conglomerate company. CJ centralized business fields into 4 core business groups, such as food and food service, bio pharma, entertainment and media and home shopping and logistics.-Entertainment & Media:...
(Food/Chemicals/Entertainment), Saehan Group
Saehan
Saehan is a South Korean corporation established in the beginning of the 1970s. It is now mostly based on textile production. The Saehan Automobile division later became Daewoo Motors...
(Electronic Media/Apparel/Textiles), and the Hansol Group
Hansol
Hansol is a South Korean conglomerate, or chaebol. Its main operations are construction, electronics, tourism, chemicals, household interiors, paper products, telecom, and logistics. Hansol used to be a part of Samsung Group, and is still owned by one of the relatives of the Samsung and Shinsegae...
(Paper/Telecom). It owns the brands Shinsegae and E-Mart
E-mart
E-mart is the largest retailer in South Korea. There are 127 stores across the country. It was founded on 12 November 1993 by Shinsegae, and was the first discount retailer in South Korea....
, and is in direct competition with Lotte Shopping
Lotte Department Store
Lotte Department Store is a Korean retail company established in 1979, and headquartered in Sogong-dong, Jung-gu, Seoul, Korea. Lotte Department Store offers retail consumer goods and services and is one out of 8 business units of Lotte Shopping...
and Hyundai Department Store Group
Hyundai Department Store Group
Hyundai Department Store Group operates the Hyundai Department Store chain of department stores in South Korea. In addition, the group operates a range of service industry businesses...
. 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
Mitsukoshi
is an international department store chain with headquarters in Tokyo, Japan. Mitsukoshi Ltd. has amalgamated with Isetan Co.,Ltd ,and changed company name to Isetan Mitsukoshi Ltd.- History :...
, a Japanese department store franchise. The store was acquired in 1945 by the late founder of Samsung
Samsung
The Samsung Group is a South Korean multinational conglomerate corporation headquartered in Samsung Town, Seoul, South Korea...
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-guJung-gu, SeoulJung-gu is one of the 25 gu which make up the city of Seoul, South Korea. It is located on the north side of the Han River, and is the historical center of the city .-Overview:...
, SeoulSeoulSeoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world... - Gangnam Store (Main Building & New Building) (강남점 본관, 신관) in Seocho-guSeocho-guSeocho-gu is a gu of Seoul, South Korea. It is a popular residential area for the mid- or upper-class residents in Seoul and home to the Supreme Court and the Supreme Prosecutors' Office. Seocho Samsung Town in Seocho-dong, near Gangnam Station, is the headquarter of the several corporations of the...
, Seoul - Yeongdeungpo Store (Building A, Building B & Luxury Hall) (영등포점 A관, B관, 명품관) in Yeongdeungpo-guYeongdeungpo-guYeongdeungpo-gu is an administrative district in southwest Seoul, South Korea. Although the origin of the name is uncertain, the first two syllables are thought to be from "yeongdeung" or "divine ascent", a shamanic rite. The third syllable is "po", representing water , referring to the...
, Seoul - Incheon Store (인천점) in Nam-guNam-gu, IncheonNam-gu is a ward in Incheon, South Korea.Nam-gu is the place of origin in Incheon's history : Historical sites such as Munhaksan, Dohobuchungsa, Incheon Hyanggyo are located in Nam-gu....
, IncheonIncheonThe Incheon Metropolitan City is located in northwestern South Korea. The city was home to just 4,700 people when Jemulpo port was built in 1883. Today 2.76 million people live in the city, making it Korea’s third most populous city after Seoul and Busan Metropolitan City... - Gyeonggi Store (경기점) in Suji-guSuji-guSuji-Gu, or Suji, is one of the three city districts in Yongin City, South Korea which is approximately 40 km south of Seoul . Suji became a city district on October 31, 2005, about six years after Yongin officially became a city...
, Yong-inYonginYongin is a major city in the Seoul National Capital Area, located in Gyeonggi Province, South Korea. With a population of nearly 1 million, the city has developed abrutly since the 21st century, recording the highest population growth of any city in the country. Yongin is home to Everland and...
, Gyeonggi-doGyeonggi-doGyeonggi-do is the most populous province in South Korea. The provincial capital is located at Suwon. Seoul—South Korea's largest city and national capital—is located in the heart of the province, but has been separately administered as a provincial-level special city since 1946...
(Jukjeon Store converted its name into Gyeonggi Store on October 26, 2009.) - Shinsegae Centum CityCentum CityCentum City is a major multi-project urban development part of Haeundae-gu in Busan, South Korea. This site is at the westernmost area of Haeundae-gu in Woo-1-dong...
(신세계 센텀시티) in Hae-undae-guHaeundae-gu-Administrative divisions:Haeundae-gu is divided into 7 legal dong, which altogether comprise 18 administrative dong, as follows:* U-dong * Jung-dong * Jwa-dong...
, BusanBusanBusan , formerly spelled Pusan is South Korea's second largest metropolis after Seoul, with a population of around 3.6 million. The Metropolitan area population is 4,399,515 as of 2010. It is the largest port city in South Korea and the fifth largest port in the world...
(the world's largest department storeDepartment storeA department store is a retail establishment which satisfies a wide range of the consumer's personal and residential durable goods product needs; and at the same time offering the consumer a choice of multiple merchandise lines, at variable price points, in all product categories...
) - Masan Store (마산점) in MasanMasanMasan was a formerly a municipal city in South Gyeongsang Province, South Korea. The city was situated on Masan Bay , approximately 35 km west of Busan. It was known for its textile industry, and it was the site of Hite Brewery's production facilities.During the control of the Mongolians, the...
-Happo-gu, ChangwonChangwonChangwon is a city in and the capital of Gyeongsangnam-do in South Korea. Changwon city is 8th most populous city in South Korea, with a 2010 established population of 1,089,039. It encompasses a land area of on southeastern of South Korea. The population of Southeastern part of Korea, that...
, Gyeongsangnam-doGyeongsangnam-doGyeongsangnam-do is a province in the southeast of South Korea. The provincial capital is located at Changwon. It contains the major metropolitan center and port of Busan. Located there is UNESCO World Heritage Site Haeinsa, a Buddhist temple that houses the Tripitaka Koreana and attracts many... - Gwangju Shinsegae (광주신세계) in Seo-guSeo-gu, GwangjuSeo-gu is a district, meaning west-district in Korean , but situated in the center of the Gwangju city, South Korea. City Hall of the city and a convention center are famous landmarks in the district....
, GwangjuGwangjuGwangju is the sixth largest city in South Korea. It is a designated metropolitan city under the direct control of the central government's Home Minister... - Chungcheong Store (충청점) in Dongnam-gu, Cheon-anCheonanCheonan is a city located in the northeast corner of South Chungcheong, a province of South Korea, and is 83.6 km south of the capital, Seoul...
, Chungcheongnam-doChungcheongnam-doChungcheongnam-do or Chungnam is a province in the west of South Korea. The province was formed in 1896 from the south-western half of the former Chungcheong Province and remained a province of Korea until the country's division in 1945, thereafter becoming part of South Korea...
(Through a management alliace with Arario, owner of Yawoori Department Store, Shinsegae opened this branch in Cheon-an in the building once used as GalleriaGalleria Department StoreGalleria Department Store is a South Korean department store franchise owned by Hanwha Group of South Korea. It has 8 branches throughout the country...
Cheon-an Store and Yawoori Department Store)
Planned
- Uijeongbu Store (의정부점) in UijeongbuUijeongbuUijeongbu is a city in Gyeonggi Province, South Korea.The city is located just north of Seoul with many U.S. and Korean military bases for the defense of the Korean capital. The U.S. Second Infantry Division has established its headquarters in the city with main troops deployed in Dongducheon...
, Gyeonggi-doGyeonggi-doGyeonggi-do is the most populous province in South Korea. The provincial capital is located at Suwon. Seoul—South Korea's largest city and national capital—is located in the heart of the province, but has been separately administered as a provincial-level special city since 1946...
(scheduled for 2012) - A fashion mall for youngsters in the building of Mesa, a defunct shopping mall right beside Shinsegae's main store in Jung-guJung-gu, SeoulJung-gu is one of the 25 gu which make up the city of Seoul, South Korea. It is located on the north side of the Han River, and is the historical center of the city .-Overview:...
, SeoulSeoulSeoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world... - Daegu Store (대구점) in Dong-gu, DaeguDaeguDaegu , also known as Taegu, and officially the Daegu Metropolitan City, is a city in South Korea, the fourth largest after Seoul, Busan, and Incheon, and the third largest metropolitan area in the country with over 2.5 million residents. The city is the capital and principal city of the...
(scheduled for 2014) - Hanam Store (하남점) in HanamHanamHanam is a city in Gyeonggi Province, South Korea. Formerly a part of Gwangju County, it was designated a city in 1989. The ancient Baekje capital of Hanam Wiryeseong may have been located there....
, Gyeonggi-doGyeonggi-doGyeonggi-do is the most populous province in South Korea. The provincial capital is located at Suwon. Seoul—South Korea's largest city and national capital—is located in the heart of the province, but has been separately administered as a provincial-level special city since 1946...
Defunct
- Daegu Store (대구점) in Jung-guJung-gu, DaeguJung-gu is a gu, or district, covering the downtown area of Daegu, South Korea. It borders most of the other districts of Daegu, including Nam-gu to the south, Seo-gu to the west, Buk-gu to the north, and Dong-gu and Suseong-gu to the east...
, DaeguDaeguDaegu , also known as Taegu, and officially the Daegu Metropolitan City, is a city in South Korea, the fourth largest after Seoul, Busan, and Incheon, and the third largest metropolitan area in the country with over 2.5 million residents. The city is the capital and principal city of the...
(opened in 1973 and closed in December, 1976) - Dongbang Plaza Store (동방플라자) in Jung-guJung-gu, SeoulJung-gu is one of the 25 gu which make up the city of Seoul, South Korea. It is located on the north side of the Han River, and is the historical center of the city .-Overview:...
, SeoulSeoulSeoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
(closed in 1996) - Cheonho Store (천호점) in Gangdong-guGangdong-guGangdong-gu is one of the 25 gu which make up the city of Seoul, South Korea. It is located on the east side of the city....
, SeoulSeoulSeoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
(closed in 2000, converted into E-Mart Cheonho Store) - Mia Store (미아점) in Seongbuk-guSeongbuk-guSeongbuk-gu is one of the 25 gu which make up the city of Seoul, South Korea. It is located in the mid-north part of the city. The current Mayor is Seo Chan-gyo, who has been mayor since July 1, 2006.-Administrative divisions:...
, SeoulSeoulSeoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
(closed in 2007, converted into E-Mart Mia Store)
Discount store
E-MartE-mart
E-mart is the largest retailer in South Korea. There are 127 stores across the country. It was founded on 12 November 1993 by Shinsegae, and was the first discount retailer in South Korea....
(이마트) is a subsidiary of Shinsegae and a large discount store
Discount store
A discount store is a type of department store, which sells products at prices lower than those asked by traditional retail outlets. Most discount department stores offer a wide assortment of goods; others specialize in such merchandise as jewelry, electronic equipment, or electrical appliances...
chain founded in South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
, having numerous stores in China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
and Korea. Domestically, E-Mart is the biggest discount store chain followed by Home Plus
Home plus
Home plus is a South Korean/British discount store retail chain jointly owned by Samsung and Tesco with 113 branches throughout South Korea. Tesco currently holds 94% of the shares in the venture. Home plus operates both hypermarkets and its express format as well as a home delivery shopping service...
, owned by Samsung and Tesco, and Lotte Mart
Lotte Mart
Lotte Mart is a hypermarket in Asia that sells a variety of groceries, clothing, toys, electronics, and other goods. Lotte Mart is a division of the Lotte Co., Ltd. which is one of the most prevalent food and shopping services in South Korea and Japan. Lotte Mart, part of the Korean conglomerate...
.
In late May 2006, Shinsegae revealed plans to buy all 16 of the Wal-Mart
Wal-Mart
Wal-Mart Stores, Inc. , branded as Walmart since 2008 and Wal-Mart before then, is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company is the world's 18th largest public corporation, according to the Forbes Global 2000...
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 Hotel
- SamsungSamsungThe Samsung Group is a South Korean multinational conglomerate corporation headquartered in Samsung Town, Seoul, South Korea...
- LotteLotte (conglomerate)Lotte Co., Ltd. is a South Korean-Japanese Jaebeol and one of the largest food and shopping groups in South Korea and Japan. Lotte was established in June 1948, in Tokyo, by Japanese-educated, Korean businessman Shin Kyuk-Ho – also known as...
- Hyundai Department Store GroupHyundai Department Store GroupHyundai Department Store Group operates the Hyundai Department Store chain of department stores in South Korea. In addition, the group operates a range of service industry businesses...
- Home PlusHome plusHome plus is a South Korean/British discount store retail chain jointly owned by Samsung and Tesco with 113 branches throughout South Korea. Tesco currently holds 94% of the shares in the venture. Home plus operates both hypermarkets and its express format as well as a home delivery shopping service...
External links
- Shinsegae Homepage
- Shinsegae E-Mart Homepage
- Shinsegae to take over Wal-Mart in Korea
- Shinsegae : Official Seoul City Tourism