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Shinsegae
Korean name
Hangul 신세계
Hanja 新世界
Revised Romanization Sinsegye
McCune–Reischauer Sinsegye

Shinsegae (Korean: 신세계) is a South Korean 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.[1]

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.[2]

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 (Keijo in Japanese, colonial name of Seoul) branch of Mitsukoshi, a Japanese department store franchise. The old building is currently used as a luxury hall.

Contents

Stores

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Planned

  • Uijeongbu Store (의정부점) in Uijeongbu, Gyeonggi-do (scheduled for 2011)
  • Daegu Store (대구점) in Suseong-gu, Daegu (Shinsegae is allegedly searching for a site for a new department store near Beomeo Station of subway line No.2.).[5]

Defunct

  • Daegu Store (대구점) in Jung-gu, Daegu (opened in 1973 and closed in December, 1976)
  • Dongbang Plaza Store (동방플라자) in Jung-gu, Seoul (closed in 1996)
  • Cheonho Store (천호점) in Gangdong-gu, Seoul (closed in 2000, converted into E-Mart Cheonho Store)
  • Mia Store (미아점) in Seongbuk-gu, Seoul (closed in 2007, converted into E-Mart Mia Store)

Discount store

E-Mart (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.[6] 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

See also

References

External links


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