Shinsegae introduces new luxury house ‘The Heritage’

A photo of The Heritage in Myeong-dong, Jung District, Seoul / Courtesy of Shinsegae Department Store

Shinsegae Department Store opened its new outlet, The Heritage, on Wednesday, transforming a 90-year-old historical site into a complex that combines a cultural space with a luxury boutique.

The five-story building, located next to Shinsegae’s main store in Myeong-dong in central Seoul, refurbished the former headquarters of Cheil Bank, which was built in the early 1930s and designated as a cultural property of Seoul in 1989.

While preserving its historical and cultural significance, Shinsegae has repurposed the space into a luxury destination featuring high-end designer brands and curated art exhibitions.

On the basement level, The Heritage houses a gift shop specializing in traditional Korean crafts, designed to attract foreign visitors who have an appreciation for the country's culture.

The basement floor also includes prestigious global brand boutiques such as French crystal houses Lalique and Baccarat and Danish audio brand Bang & Olufsen.

A Chanel boutique takes up the first and second floors of the building. Designed by American architect Peter Marino, the store not only sells Chanel products but also showcases more than 70 pieces of artwork and designer furniture. Shinsegae is Korea's first department store to incorporate a luxury brand in a historical building.

On the fifth floor is The House of Shinsegae Heritage, a space dedicated to featuring Korean craft art, offering foreign visitors a glimpse of unique traditional arts and craftsmanship.

"Shinsegae opened 'The Heritage' with all our capabilities and sincerity," Shinsegae CEO Park Joo-hyung said in a press release. "Our main branch in Myeong-dong will be a space where history and tradition are alive and will become Seoul's iconic landmark."

Along with The Heritage, Shinsegae is now refurbishing its main building to open Korea's biggest Louis Vuitton and Hermes shops in the second half of this year.

According to the company, the number of foreign shoppers at Shinsegae’s main Myeong-dong branch has been showing a steady uptrend, rising 241 percent in 2022, 514 percent in 2023 and 458 percent last year.

Founded in 1963 as Korea’s first department store, Shinsegae presents Korea’s lifestyle trends not just with highly curated designer brands but also by pioneering the concept of an in-store art gallery.

Last November, Shinsegae's famous media facade, a massive LED screen wrapped around the main branch building, attracted one million visitors during the winter with the digital signage featuring its Christmas film and K-culture content.