OliveYoung opens a foreigner-specialized store in Myeong-dong and seeks to attract Korean Wave tourists.
OliveYoung introduces Myeongdong Town as a new global specialty store. It is characterized by increased convenience for foreigners to purchase and product diversity. The goal is to develop it into a ‘K-Beauty O2O (Online to offline) shopping platform’ that connects Olive Young’s global mall and stores.
OliveYoung Myeongdong Town has an average of about 3,000 visitors per day. The store area is 1,157m2. It is the largest Olive Young store in Korea. About 90% of visiting customers are foreigners.
OliveYoung plans to introduce a variety of small and medium-sized business products to foreign consumers. We are determined to promote OliveYoung to the world by providing high-quality products and a quality shopping experience.
The information service in Myeongdong Town has been expanded to three languages: English, Chinese, and Japanese. Additionally, a mobile page dedicated to OliveYoung Myeongdong Town was created. Floor maps and popular brand locations are provided in three languages. The product name is written in English on the electronic label of all products.
A ‘K Beauty Now Zone’ was set up at the front of the store. You can see promising K-beauty products at a glance. Mask packs and sunscreens, which are frequently used by foreigners, have been placed all over the place. We also introduce monthly K-beauty products suggested by Olive Young.
A global service lounge has also been set up. Gifts and discount coupons are provided to customers who sign up for the global mall. Based on the Myeongdong Town experience, we plan to provide an O2O shopping environment to continuously purchase K-beauty.
According to Olive Young, the proportion of foreigners in Myeongdong store sales from January to October this year increased by about 840% compared to the previous year. Before COVID-19, Chinese consumers made up the majority, but starting this year, it has expanded to include Southeast Asian, Anglo-American, and Japanese consumers.
During this period, sales at OliveYoung Global Mall, a reverse direct purchase platform, also increased by 77%. The analysis is that as K-content took the world by storm, interest in K-beauty also increased.
An Olive Young official said, “We opened our first global specialty store in Myeong-dong, Korea’s representative shopping district. OliveYoung Myeongdong Town offers a variety of products and comfortable services for foreigners. “We will use this store and Olive Young Global Mall as two wings to target consumers around the world,” he said.