April 23, 2024

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[THE INVESTOR] Korean retail giant Shinsegae is striving to bring more people out to offline malls as local consumers increasingly opt for online shopping, industry sources said on Dec. 6.

In late May, the retailer launched an open library at COEX in southern Seoul as part of its efforts to attract more shoppers to its shopping complex Starfield COEX.

Six months after the opening, Shinsegae said the library has been playing a key role in drawing consumers, leading to increased sales in nearby shops.
“Over 10 million people are estimated to have visited COEX after we opened the library,” said Lim Young-lock, chief of Shinsegae Property, the group’s property development unit. “It is our first step to vitalize the COEX area, which has long been depressed.”

The company said it has invested 700 million won (US$640,000) to run the library in the last six months, including 100 million won solely spent to purchase books and the cost to host various cultural activities.

Earlier this year, Shinsegae Group Vice Chairman Chung Yong-jin stressed the importance of bringing more people out from their homes, noting online channels are increasingly dominating the retail market.

By Alex Lee and newswires (alexlee@heraldcorp.com)