29 July 2022
The Weekly
South Korea

According to Statistics Korea, the domestic home decor market is estimated to double to 20tn won ($16bn) by 2024 from 10tn won in 2010. Shinsegae Department Store recently announced that it plans to turn its Times Square branch into a department store that specializes in luxury home decor. By the end of 2020, one out of the two Times Square mall buildings had been dedicated to home decor with more than 100 home decor brands. According to Shinsegae, sales of the home decor building at Times Square branch surged by 30.8% compared to a year earlier as of July 25, the highest sales growth rate among all of the home decor sections at Shinsegae’s branches. LX Z:IN Interior also plans to open a store in July, and premium exclusive stores of ACE Interior and Simmons Interiors are scheduled to open during the second half of this year. Hyundai Department Store Group plans to focus on home decor as one of its four core businesses along with distribution, fashion, and food. It is aiming to increase sales to around 5tn won by 2030, which would be doubled from 2.5tn won in 2021. Lotte Shopping, the operator of Lotte Department Store, acquired the nation’s No. 1 furniture and interior company Hanssem to open the brand in Lotte’s department stores and Lotte Hi-Mart, its electronic and home appliances retailer. Lotte has set up ‘Hanssem Design Park’ and ‘Hanssem Rehouse’ where customers can try out various products at each of its branches.