Retail in Asia

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The Conran Shop partners with Lotte for new store in Korea

The Conran Shop

London-based high-end lifestyle retailer The Conran Shop has joined hands with Lotte Department Store to bring its first outlet to Korea.

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The two-story shop, which covers 3,305 square meters, is located at the Lotte Department Store Gangnam branch in Seoul.

The new shop is the company’s 12th global location, following cities such as Paris and Tokyo.

Founded by Sir Terence Orby Conran in 1974, The Conran Shop offers a variety of lifestyle products such as furniture, lighting and electronics, as well as clothes and accessories.

The place also sells pieces created by some of the most iconic designers in the world.

“We are proud to be partnering with Lotte to realize this dream and I know The Conran Shop and our design philosophy will be nurtured with care and passion,” Conran said in a statement.

The Conran Shop CEO Hugh Wahla expressed excitement about the new opening, saying that the shop’s playful designs and curation of lifestyle products are unique.

“We have a very high expectation of the Korean market. We signed a 10-year deal with Lotte because we both appreciate simplicity, beauty and function,” Wahla said during a press conference held at The Conran Shop in Seoul. He mentioned that Korea has already become an important market to global home furnishing retailers.

The home furnishing market in Korea has rapidly grown since Swedish furniture giant IKEA entered the market in 2014.

According to Statistics Korea, the country’s home furnishing market is expected to grow to 18 trillion won (US$15 billion) from 12 trillion won in 2017.

Lotte said that its partnership with The Conran Shop is part of its efforts to grow its living goods business at a time when the home furnishing market is growing rapidly in the country.

Lotte reported that sales of lifestyle products have grown between 10 and 11 percent annually over the last three years.

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“There are many lifestyle shops operating in Korea, but The Conran Shop’s unique curation is unmatched by that of other brands or shops. We also plan to add more stores in the future,” a Lotte Department Store official said.

(Source: Korea Times)