Chicor Plants Flag in Olive Young’s Stronghold: A K-Beauty Challenge Focused on MZ and Tourists
Creatrip Team
2 months ago
Shinsegae’s beauty retailer Chicor opened a flagship store directly opposite CJ Olive Young’s busy Myeongdong “town” to capture foreign tourists and MZ (Millennial & Gen Z) shoppers. Shifting away from the “Korean Sephora” image, Chicor now emphasizes K‑indie brands (homegrown indie beauty labels) — making them over 50% of assortment — and expanded in-store experiences such as one‑on‑one makeup consultations, AI scalp diagnostics, a ‘Lip & Cheek Bar,’ and a niche ‘K‑Perfume Station.’ The Myeongdong store reports over 80% sales from foreign customers and double the average transaction value. Under CEO Park Ju‑hyung and direct oversight from Shinsegae’s leadership, Chicor plans 6–8 more urban flagship openings (Myeongdong, Hongdae, Gangnam, Dongdaemun), larger store footprints (100–150 pyeong), and a premium, experience-driven strategy. Challenges remain: Olive Young’s scale (about 1,370 stores and roughly 5 trillion won revenue) dwarfs Chicor, and Chicor must manage high rents and operating costs from its mostly directly run stores. Shinsegae says it will keep investing and strengthen organization to grow the premium, tourist‑and‑MZ‑focused model.
