By Donald Kirk
Forbes
Jul 9, 2019
This story is part of Forbes’ coverage of Korea’s Richest 2019. See the full coverage here.
The specter of online shopping is haunting Korea’s giant Shinsegae group and its billionaire vice chairman Chung Yong-jin, who runs Shinsegae, Korea’s second-largest retailer after Lotte by sales, and mass-market retail subsidiary E-mart.
Shinsegae department stores rank among the country’s finest, while smaller E-mart discount stores appeal to the broader middle class. One of the group’s innovations is its Peacock brand of “home meal replacement” ready-to-eat dishes designed for working women. Peacock, which is sold at both Shinsegae and E-mart stores, offers more than 1,000 items, from traditional Korean cuisine to international dishes and desserts.
Peacock sales have risen from $29 million in 2013 to $214 million last year, up 9% from the year before, but Peacock alone is “not a game-changer,” said Geoffrey Cain, author of Samsung Rising, a forthcoming book on the Samsung empire.
Read more about Shinsegae’s new brand Peacock and the group’s new marketing strategy at Forbes
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