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The Korea Herald
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THE INVESTOR
June 15, 2024

Retail & Consumer

Galleria's foreign customer sales surpass pre-pandemic levels

  • PUBLISHED :March 21, 2024 - 17:28
  • UPDATED :March 21, 2024 - 17:28
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Galleria Department Store (Hanwha Galleria)

Galleria Department Store, one of the nation’s leading luxury goods retailers, said Thursday that its sales to customers of foreign nationality soared to all-time highs in the first two months of this year, surpassing pre-pandemic levels.

Its luxury brand stores posted 10 billion won ($8.4 million) and 7.5 billion won in sales to foreign customers in January and February, respectively, marking a 166 percent jump from the same period last year.

"Foreign customer sales hit 26 billion won in the fourth quarter of last year, setting a record for the highest quarterly sales. Following the initial breach of 10 billion won in October last year, we anticipate setting a new annual record if this trend continues," an official from Hanwha Galleria stated.

Before the pandemic, foreign customer sales accounted for 15 percent of the luxury section's total, but the figure plummeted to 1 percent during pandemic disruptions, the official said. This year, however, the portion has rebounded to over 10 percent with eased travel restrictions and marketing efforts to lure foreign customers.

Among the top spenders, customers from China made up the largest portion, followed by those from Thailand and the US. A notable increase is among customers from Southeast Asia, indicating a possible shift in the spending patterns among foreign customers here.

In the meantime, Galleria said its sales from VIP customers who spend more than 60 million won per year have also seen a surge. In the two months, their purchases in the luxury section grew by 12 percent compared to last year.

In response, the department store plans to focus on expanding its base of foreign and VIP customers while also aiming to attract a broader demographic, the company said.

By Park Se-ra (serap1005@heraldcorp.com)
The Korea Herald

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