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|Headquarters||63 Sogong-ro, Jung-gu, Seoul, South Korea|
|Lee Myung Hee, (Chairman)
(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)|
Shinsegae (Korean: 신세계, KRX: 004170) is a South Korean department store franchise, along with several other businesses, headquartered in Seoul, South Korea. The name of 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.
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.
Shinsegae was the first credit card company in South Korea. They issued its own charge card from 1967 to 2000. In 2000, Shinsegae sold its credit card division to KorAm Bank, which was later acquired by Citibank Korea.
Shinsegae has launched Shinsegae Style Market, a smaller shopping mall mainly aimed at young customers, in 2010. Despite its name, the mall is managed by Shinsegae's subsidiary E-Mart.
E-Mart (이마트) is a subsidiary of Shinsegae and a large discount store chain founded in South Korea, having stores in China and Korea. Domestically, E-Mart is the biggest discount store chain followed by Home Plus, owned by Samsung and Tesco, and Lotte Mart.
In late May 2006, Shinsegae revealed plans to buy all 16 of the Wal-Mart stores in Korea. All of the country's Wal-Mart outlets were re-branded as E-Mart on October 2006. Wal-Mart exited the Korean market soon after.
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