Sales of luxury watches in South Korea on the rise
Acording to a report by Korea Times, all major luxury watch retailers have seen an increase in the sale of luxury watches. For instance, Hyundai Department Store saw its sales of luxury watches rising nearly 30 percent in the first quarter of this year compared to 2013. Its sales are steadily rising ― 31.5 percent last year and 26.3 percent in 2012.
Hanwha Galleria Department Store in Seoul’s Apgujeong district reports an 11% increase in sales for its ”Watch Zone”, a luxury watches dedicated floor. Shinsegae Department Store in Seoul also reports a 16 percent rise in watch sales during the first quarter the year.
Banking on the upward trend, Hanhwa Galleria said it plans to open Vacheron Constantin shop-in-shop at its Gangam branch this month. Lotte Department Store also confirmed it will open the nation’s largest luxury watch and jewelry shop in the Lotte World Tower which is currently under construction.