lap of luxury
Posted by Mark J. Miller on December 19, 2011 10:07 AM
Residents of Korea are moving on up and want a piece of the pie. And 7-Eleven would like to help them out.
The luxury goods market is booming in Korea, with sales growing “at least 12% to an estimated $4.5 million last year, according to a report by McKinsey & Company in August,” the Wall Street Journal reports.
With that kind of money floating around, everybody is getting into the act of selling luxury goods, even places that you don’t generally associate with such things, like 7-Eleven.
Seoul's home of the Slurpee tested the sale of luxury goods during the Korean thanksgiving holiday in September by offering eight lines of Gucci goods at its stores there, the Journal reports. Now the chain is figuring out what other luxury goods it should offer for a limited time.
“Having spotted a trend that the public are embracing more luxury goods than ever before, we wanted to make them more easily accessible,” said Cho Yun-jung, a spokeswoman for 7-Eleven, according to the Journal.
Of course, 7-Eleven isn’t alone. Other retailers that aren’t exactly known for selling high-end items are also getting into the market in Korea as well, including Homeplus, a supermarket chain owned by U.K. retailer Tesco that tested an in-subway virtual store.
“We see a change of perception among customers that a big supermarket can be a one-stop shopping destination where you can buy not only necessities but also luxury products,” said Jun Sang-kyun, an official at Homeplus, the Journal reports. “There’s increasing demand among our customers for high-end goods.”