On May 29, Ms. Kim, 49, from Mapo, Seoul, headed to The Hyundai Seoul in Yeouido with her family to spend some quality time together at a nearby department store after they had planned to go on a long trip for the Golden Week holiday at the end of May but had to cancel due to heavy rain. However, as lunchtime approached, I found myself dragging my feet. All the restaurants in The Hyundai Seoul were full, and the line was intimidating. “I went to the IFC Mall next door just in case, and it exceeded my expectations,” says Kim. “I bought clothes for my kids at Zara and had an international burger.”
IFC Mall benefits from the synergy of ‘The Hyundai Seoul’ in Yeouido, Seoul
Places like IFC Mall, which benefits from the synergy of a successful ‘next door neighbor’, have been attracting attention recently. The mall hasn’t spent much on marketing, but its sales have increased dramatically due to the crowdedness of its new neighbors.
With the opening of The Hyundai Seoul in 2021, IFC Mall, which is about 500 meters away, has also become a hot spot. Last year, IFC Mall recorded its best performance since opening in 2012, with sales up 60% year-on-year and operating profit up 20%. Compared to 2019, the year before the COVID-19 pandemic, sales were up 30%.
The key is that the mall has strengthened its renowned스포츠토토 restaurants to attract shoppers to The Hyundai Seoul. Last year, IFC Mall differentiated itself by attracting the first global branch of New York sandwich shop Renwich and the first Korean branch of Thunder Rolls. The mall also added popular doughnut brand Noted, making it a mecca for young people.
The store was also transformed. As the Apple and Ballan connected stores gained popularity among MZers and office workers in Yeouido, the mall renewed its SPA (Zara, Cosmo, Uniqlo, And Other Stories, Masimo Dutti, etc.) fast-fashion brand stores this year to attract younger customers.
An official from IFC Mall said, “We have seen a trickle-down effect as customers visiting ‘The Hyundai Seoul’ naturally visit IFC Mall next door.” “The Yeouido business district, which used to be deserted on weekends, is now crowded on weekdays as well as holidays.”
The Hyundai Seoul, Yeouido, Seoul
The restaurant area on the fourth floor of Seoul Station has been transformed into ‘Hanwha Connect Place’ and has been transformed by big companies moving in. Within a 1-kilometer radius of Seoul Station, 11th Avenue and large companies such as LG Electronics and CJ Bioscience have moved in one after another. LG Innotek and CJ Group have also opened shared offices in the neighborhood, attracting a steady stream of office workers.
Hanwha, which renovated a popular dining area into a specialty restaurant by the hotel’s star chefs in April last year, increased its sales by 66 percent last year compared to before COVID-19. “It has become a favorite spot for business gatherings on weekdays and reunions on weekends,” said a Hanwha Connect representative, adding that railroad passengers line up on weekends and office workers on weekdays.
Inui-dong, Jongno-gu, Seoul, has been revitalized by the relocation of the target group’s headquarters. The area was once a dilapidated, run-down commercial district, but a year and a half ago, it was transformed by the arrival of more than 1,000 Target Group employees who rented 11 floors of Jongno Place. Nearby Korean restaurants and bunsik restaurants are so energized that they have to make reservations in advance.
“Around the newly relocated Jongno office, there are many hidden ‘long-established’ restaurants that have been around for a long time,” said a Target representative, “Not only Inui-dong, but also Jongno Nakwon-dong, Iksun-dong, and Insa-dong, so it’s fun to have a good time with colleagues after work and post photos on SNS.”