SOUTH KOREA. Prominent downtown and airport travel retail Hyundai Department Store Duty Free has changed its trading name to simply Hyundai Duty Free in an effort to increase brand recognition.
The abbreviated name was agreed at the company’s recent general shareholders’ meeting. The corporation name has also been amended – from Hyundai Department Store Duty Free to Hyundai DF, a company spokesperson told The Moodie Davitt Report.
“The updated brand identity will be unveiled in October,” he added. This will be applied across online and offline stores and in company advertisements.
Earlier, the company said in a statement: “This is a measure to increase the professionalism and competitiveness of the duty-free business by removing the word department store from the company name and to make it easier and more friendly for customers.”
Hyundai Duty Free said the streamlined identity will boost awareness through being easier for Korean and domestic customers to recall.
Airport and downtown luxury and K-fashion drive
With the change of name, Hyundai Duty Free said it is accelerating its efforts to improve business competitiveness by not only attracting popular brands but also driving domestic and overseas marketing.
The company plans to attract more luxury goods and K-fashion brands that fit the characteristics of each store.
Fendi is scheduled to open in Incheon International Airport Terminal 1 at the end of this month, while Gucci and Saint Laurent boutiques will be unveiled in T2.
In a further luxury push, Saint Laurent and Balenciaga boutiques are set to be launched in T1 and T2, respectively, by year-end.
Those openings would bring Hyundai’s luxury portfolio to 22 brands, including Louis Vuitton and Chanel, which are already in operation.
“This will represent the highest level of luxury goods competitiveness in the domestic duty-free industry,” Hyundai Duty Free said.
Similarly positive developments are taking shape at Hyundai Duty Free’s two downtown stores in Seoul. The Trade Center store in Gangnam is on course to introduce several big brands on a phased basis by the end of the year, including Saint Laurent, Chopard, Fendi and Balenciaga.
The Dongdaemun branch will unveil a large number of K-brands popular with foreign tourists, including Dasique, Parnell, Matin Kim and Marithe Francois Gerber. Hyundai Duty Free said the line-up’s key target is free individual tourists (FITs).
Promotional push
The retailer is boosting its marketing to capture demand from Korean and overseas travellers during the key July-August summer vacation period, Chuseok in September and through until October.
One major promotion is themed ‘Everyday Hyunday’, offering KRW500 million (US$363,000) in total prize money.
Until the end of October, customers who spend US$100, US$300, US$500, US$1,000 or US$2,000 at Hyundai Duty Free’s online mall or downtown duty-free stores have the opportunity to enter the first, third, fifth, tenth and 20th prize draw events, respectively.
The major prize is a Genesis GV80 SUV while further prizes will be won by 5,555 customers, including two Hyundai Casper crossover SUVs (two people) and three LG OLED Evo televisions.
The Hyundai Duty Free spokesperson said: “We plan to actively consider business expansion, including overseas expansion, to increase business competitiveness.
“We will further increase the company’s brand value through continuous challenge and innovation.” ✈
