Shinsagae
 |
|
| Chaebol | |
| Industry | Retail |
| Founded | 1955 |
| Headquarters | 63 Sogong-ro, Jung-gu, Seoul, South Korea |
|
Area served
|
South Korea |
|
Key people
|
Lee Myung Hee, (Chairman) Chung Yong-jin, (CEO and Vice Chairman) |
| Revenue | KRW 1,430,6 billion (2011) |
| KRW 213,9 billion (2011) | |
| KRW 3,381,9 billion (2011) | |
| Total assets | KRW 370 billion (2011) |
| Total equity | KRW 1,910,2 billion (2011) |
| Subsidiaries | E-mart |
| Website | Shinsegae English |
Shinsegae (Korean: 신세계, KRX: ) is a South Korean department store franchise, along with several other businesses, headquartered in Seoul, South Korea. The name Shinsegae literally means "New World" in Korean. Its flagship store in Centum City, Busan, is the world's largest department store, surpassing Macy's flagship Herald Square in New York City in 2009.
Shinsegae was originally part of the Samsung Group chaebol, 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). The chairman Lee Myung-hee is the daughter of Samsung founder Lee Byung-chull and younger sister of the chairman of Samsung Electronics Lee Kun-hee.
The group 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.
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 branch of Mitsukoshi, a Japanese department store franchise; Korea was occupied by the Japanese Empire at the time. The store was acquired in 1945 by the late founder of Samsung group, Lee Byung-chull, and renamed Donghwa Department Store. After the Korean War (1950–1953) began, it was used for several years as a post exchange by the American army. In 1963, the store was given the name Shinsegae. The old building is currently used as a luxury shopping venue.
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Wikipedia