'Oliver Young and 30m sharp competition"... Shinsegae's 'Shikor' takes a gamble.

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Premium beauty concept store reopens in Gangnam... Expanding K-Beauty by 60% Competing with Central Uline Center located between Gangnam Station

The competition for 'K-Beauty' is unfolding centered around Gangnam Station.

Shinsegae (004170), which is aggressively presenting its premium beauty department store 'Sikor' (CHICOR) as a new growth business, will reopen a newly renovated store in Gangnam Station.

The H&B Store CJ Olive Young, which operates 10 stores in the Gangnam district, is set to open its 'Central Gangnam Town Store' (Gangnam Store No. 11) on July 2nd after 8 years. This new store is expected to face intense competition as it will be located just 30 meters away from the previously opened Gangnam branch.

According to the industry on the 27th, Shilla's flagship store at Gangnam Station, operated by Shinsegae Department Store, will be unveiled today. Following the Shilla Store in Daegu (approximately 528㎡, 160pyeong), it is the second largest store (approximately 429㎡, 130pyeong), and is expected to become a key outlet in the Gangnam area. The reason why Shikor Gangnam Station branch is drawing attention is due to its upgraded MD competitiveness from existing premium beauty concept stores, an increase in the proportion of K-Beauty brands, and being introduced as an experiential-focused store.

Sikor is a business directly conceptualized by Chairman Jung Yoo-kyung of Shinsegae Group to counter overseas edit shops. When it launched in 2017, it focused on 'luxury beauty' with a concentration on international beauty brands.

However, in response to changes in demand such as the growing popularity of K-beauty and an increase in foreign consumers in recent years, stores being renovated or newly opened are increasing the proportion of K-beauty from the current 45% to 60%.

Sikor Gangnam Station branch has 244 popular domestic and international brands, securing competitiveness with 5,000 products. Centered around hot K-Beauty brands from overseas such as Tirtir, Lakka, and Dear Dahlia, new brands like Amuze, Dr. Jart+, and Bentostandout have also entered, broadening customer choices.

The store has improved convenience by distinguishing between domestic and imported brands at a glance through the brand signage, using white (K-Beauty) and black (overseas brands) colors.

Chun Sang-hee, the MD team leader of Sikor, explained, "While maintaining our existing premium position, the product lineup that has been expanded to include K-beauty lines strong on Amazon, atcosme, Qoo10 Japan, and other such platforms for foreign customers is a strength." Upon entering the store, which boasts itself as a curation beauty specialist store, visitors are greeted with a newly established Shop-in-Shop (SnS) popup zone called 'Spotlight'. Additionally, a makeup bar offering personalized makeup services by resident makeup artists operates within the store.

'Beauty Lab', 'Beauty Device Zone' and other experiential elements have been enhanced, and in particular, as part of the 'super-personalization service', you can experience AI scalp (hair, hair loss, etc.) analysis services.

What sets Shikor apart is its competitiveness in attracting overseas brands. Leveraging the MD competitiveness that only Shinsegae Department Store possesses, it secures premium brands, targeting not only domestic and international customers but also a wide range of age groups from teenagers to those in their 40s and 50s, which sets it apart.

The global fragrance brand 'Bath & Body Works', the famous American makeup brand 'NARS', and the premium vegan beauty brand 'Hourglass', as well as imported beauty brands such as 'MAKE UP FOR EVER', 'Benefit', and 'MAC' have also strengthened their presence in the department store beauty brand zones. At the center of the store, they have set up a perfume station (Perfume Station), the largest in all Sikor stores, where you can experience premium brands such as Tamblins, Nonfiction, Santa Maria Novella, and Hermes Perfume.

The 'Skin Care Zone,' which collaborates with famous aesthetic brands such as Estee Dum, Estee Lauder, Darphin, and Dermalogica to provide skin care massage services, will begin operations on July 1st.

Park Ju-hyung, CEO of Shinsegae Department Store, expressed his business expansion intentions earlier this year, stating, "Sikor will significantly expand and improve in K-Beauty, moving away from its focus on existing luxury products, and create a standard model."

In the case of AK Hongdae branch, which was renewed and reintroduced, sales increased by more than 70% compared to the previous year within just 3 months of its opening, and the proportion of foreign sales also rose to 60%, making the results tangible.

Shikor is starting to gear up for a major business expansion, beginning with its flagship store in Gangnam. The plan includes accelerating the opening of its first Myeongdong branch (expected December) and its second Hongdae branch (expected November).

Shinsegae Department Store stated, "With K-Beauty, global beauty brands, and ultra-personalized services that can only be experienced at Sikor, the newly opened Gangnam Station branch will serve as a benchmark for the new beauty concept store that will be introduced in the future."

lila@news1.kr

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