Hyundai Dept. Store, Siam Piwat to collaborate for K-content
Ji-Yoon Yang
Feb 21, 2024 (Gmt+09:00)
South Korea’s Hyundai Department Store Co. announced on Wednesday that it signed a business agreement with Thailand’s retail giant Siam Piwat Group.
Established in 1958, Siam Piwat has been a leading conglomerate in the local retail market. It operates local large shopping malls such as Siam Paragon, Siam Discovery, and Siam Center.
Under the agreement, Hyundai Department Store will introduce a K-Content Zone in a Bangkok mall operated by Siam Piwat.
It will showcase popular elements of Korean culture, including K-food, K-pop, and K-webtoons, aiming to target the local young generation.
The company will also support domestic small- and mid-sized brands to enter the Southeast Asian market.
Both sides will jointly research efforts to incorporate know-how of the management strategies of Hyundai Department Store's signature store The Hyundai Seoul such as pop-ups, and store interiors in Siam Piwat’s malls.
The contract was at the request of the Siam Piwat Group.
Just two and a half years after its opening, The Hyundai Seoul has exceeded 1 trillion won ($748 million) in annual sales.
Customers in their 20s and 30s represent 58% of these sales, more than double the proportion seen in other Hyundai Department Store locations.