Today’s entry has been closed.
On the afternoon of the 9th around 12 p.m., as I entered the Shinsegae Department Store flagship store 'The Heritage' in Jung-gu, Seoul, a large store with the Chanel logo was visible. A line of customers waiting to enter the newly opened Chanel boutique formed at the entrance. The security personnel told the new customers, 'Today is closed, so please come back next time.'
The Shinsegae Department Store flagship is opened as 'The Heritage' after renovating the old headquarters of SC First Bank, moving the Chanel store from the 1st and 2nd floors of the main building to this location on the 1st and 2nd floors. The store size is approximately 700 pyeong, the largest among Chanel stores in domestic department stores. It features dedicated areas for clothing, handbags, and shoes, as well as a salon for watches and jewelry.
A customer who visited at 10 a.m., before the department store opened, said, 'I entered after 2 hours, and there were many Coco Handle Black products that are hard to find in other stores,' adding, 'There was plenty of stock, so I was able to purchase the products I wanted.'
◇ The meeting of cultural heritage and luxury goods from 90 years ago
'The Heritage' is a shopping cultural space presented by Shinsegae after acquiring the old headquarters of Jeil Bank for 85 billion won in 2015, following over a decade of preparation. The building was established in 1935 by the predecessor of Jeil Bank, Joseon Savings Bank, and was designated as the 71st tangible cultural heritage of Seoul in 1985. The neobaroque style building, designed by Japanese architect Kinko Hirabayashi, is notable as the first bank constructed with a steel frame and reinforced concrete, holding significant architectural importance.
A representative of Shinsegae noted, 'Since it is a national cultural heritage building, we paid great attention to restoring it as close to its original form as possible,' explaining that 'It has been restored to about 90% of the level compared to 1935.'
'The Heritage' serves as the 'second luxury goods store' following the main building. The 1st and 2nd floors house the French luxury brand Chanel, and a Chanel sign has also been placed on the exterior wall of the entrance connecting to the northern Chanel store of the department store. However, that entrance was closed on that day. It is known that Shinsegae put in a lot of effort to attract Chanel here.
On the 4th floor, a history hall and art gallery have been established. The history hall exhibits various relics and historical materials from the Shinsegae flagship store, which is the first modern department store in Korea (Mitsukoshi Department Store, Gyeongseong branch). Visitors can see department store bronze plaques, catalogs, and self-produced handbags from the 1960s. A safe used during the time of Jeil Bank is also on display to emphasize the historical significance of the building. The gallery plans to hold a photo exhibition showcasing the Namsan area, which was the center of Seoul during the 1930s to 1950s.
On the 5th floor, a 'House of Shinsegae Heritage' has been created, presenting Korean cultural heritage in Shinsegae's way. To commemorate the opening, various crafts themed around traditional wrapping cloth are being exhibited. On one side, there is a dessert salon presenting Korean desserts developed by the Shinsegae Korean Cuisine Research Institute.
In the basement, there is a craft gift shop featuring global lifestyle brands such as Lalique, Baccarat, and Bang & Olufsen. A valet lounge for customers with a Black Diamond status (annual purchases exceeding 120 million won) has also been created.
The 3rd floor is currently empty. Previously, Shinsegae announced plans to fill the 1st to 3rd floors of the building with global luxury and well-known brand stores.
◇ Shinsegae Myeongdong Town gains momentum... aiming to become a landmark in Seoul
Shinsegae plans to develop the area around its flagship store into 'Shinsegae Town' based on three locations: 'The Heritage,' the newly remodeled annex 'The Estate' opened last month, and the main building 'The Reserve' to be opened in the second half of the year. Park Joo-hyung, CEO of Shinsegae Department Store, said, 'It will become a representative landmark of Seoul where visitors can experience the joys of tourism, the excitement of shopping, and the depth of culture in a space where history and tradition breathe.'
According to industry sources, for The Reserve, there is strong speculation that stores like Hermes and Louis Vuitton will expand and relocate to the space previously occupied by the Chanel store on the 1st and 2nd floors. It is also reported that a restaurant operated by Louis Vuitton will make its debut.
However, some have criticized that the emphasis on specific luxury brands at The Heritage has led to a 'role reversal.' When entering the department store, customers encounter the Chanel store immediately without a lobby, and access to the 2nd floor is restricted to Chanel customers only.
The floral plaster relief on the ceiling of the 1st floor, regarded as a masterpiece of modern architecture, is only viewable by customers visiting the Chanel store. For this reason, a citizen who visited the department store that day commented, 'It feels less like a department store and more like a Chanel flagship store.'
There are high expectations within the industry for Shinsegae's strategy of developing the flagship store into a town. Lotte Department Store, which is located nearby in Sogong-dong, is also renovating some spaces and creating 'Lotte Town' by linking luxury goods stores, Young Plaza, Lotte Hotel, and duty-free shops. Accordingly, the competition for the number one title between the two retail giants, Shinsegae and Lotte, is anticipated to be a spectacle.
Ju Young-hoon, a researcher at NH Investment & Securities, stated, 'Shinsegae is expected to strengthen its luxury competitiveness through The Heritage,' adding, 'This year, it will likely record the highest sales growth rate among the three department stores.'