{
  "id": 16593332,
  "title": "Department Stores' Foreign Sales Reach $2 Billion",
  "url": "https://urgent.news/2026/10/26/department-stores-foreign-sales-reach-2-billion",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-26T11:38:51.000Z",
  "source": {
    "name": "BusinessKorea",
    "slug": "businesskorea",
    "url": "https://www.businesskorea.co.kr/news/articleView.html?idxno=279694"
  },
  "original_language": "en",
  "account": "Foreign sales at Lotte, Shinsegae, and Hyundai Department Stores surpassed 2.6 trillion won (around $1.97 billion) in 2023, with tourism consumption concentrated in key flagship stores. Lotte Department Store's main branch saw 30% foreign sales, three times the 10% at its Jamsil branch. Shinsegae's main branch and Hyundai Seoul also saw foreign sales over 25%. The foreign sales boom sparked interest in whether it drove earnings growth and spurred domestic consumption recovery. According to industry data, the three stores' foreign sales total about 2.655 trillion won ($2.00 billion) when aggregated. Lotte accounts for $1 trillion, Shinsegae $850 billion, and Hyundai $805 billion. However, each company uses different standards for compiling sales data, with Lotte including malls and outlets, Hyundai outlets only, and Shinsegae solely department stores. Sales periods also differ, with Hyundai's ending Oct. 5 and the others running Jan. to Sept. The foreign sales growth rate is rapid, with Lotte climbing 110% from Jan. to Sept. 2023, Shinsegae more than doubling, and Hyundai up by 135%. The growth is attributed to an influx of tourists, favorable exchange rates, and variety in purchased goods. Myeongdong's Lotte Town contributed about 52% of its foreign sales, with the main branch generating 30% of its foreign sales, three times Jamsil's. Shinsegae's main, Gangnam, and Centum City stores led in foreign sales, with the main branch accounting for 28.9%, and one in three visitors foreign. Hyundai Seoul's foreign sales from Jan. to Sept. 2023 grew 135%, with customer numbers up 67%. This surge is driven by inbound tourists, competitive pricing, and a diversified product range. Shinsegae attributes growth to high-priced items like luxury goods, while Lotte sees consumers expanding beyond luxury to fashion, beauty, and dining. However, the surge's impact on overall department store industry recovery remains to be seen, as tourism demand varies by store and domestic sales growth rates aren't separately disclosed. Next month's quarterly earnings from Lotte, Shinsegae, and Hyundai will reveal if domestic consumption, excluding tourism, has recovered.",
  "summary": "With foreign sales at Lotte, Shinsegae, and Hyundai Department Stores exceeding 2.6 trillion won (about $1.97 billion) this year, tourist consumption is being concentrated in a few flagship stores. Foreigners accounted for 30% of total sales at Lotte Department Store’s main branch, reaching three ti",
  "key_points": [
    "Lotte, Shinsegae, and Hyundai Department Stores' foreign sales exceeded $2 billion in 2023.",
    "Lotte's main branch saw 30% foreign sales, three times its Jamsil branch's 10%.",
    "Growth attributed to tourists, favorable exchange rates, and diverse product range."
  ],
  "editors_take": "The surge in inbound tourist spending shifts the growth engine of major department stores toward flagship locations and luxury goods, potentially masking the underlying recovery of domestic consumer demand.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}