1 week Ago By Korea Bizwire
Shinsegae Department Store has unveiled The Heritage, a luxury boutique complex (Yonhap) SEOUL, April 9 (Korea Bizwire) — In a landmark transformation fusing history, architecture, and high fashion, Shinsegae Department Store has unveiled The Heritage , a luxury boutique complex housed in the meticulously restored former head office of Korea’s First Bank in central Seoul’s Myeong-dong district. The neoclassical building, originally constructed in 1935 and designated as Seoul City Cultural Heritage No. 71, reopens after a decade-long restoration led by Shinsegae.
The company said it aimed to preserve 90% of the building’s original structure while equipping it with modern amenities, positioning The Heritage as a new centerpiece of Seoul’s upscale retail and cultural tourism scene. Part of a broader redevelopment of Shinsegae’s flagship complex, The Heritage joins The Estate , focused on fashion and dining, and The Reserve , which centers on high-end accessories and luxury brands. The overall project has transformed the department store’s Myeong-dong footprint into a multi-layered experience of shopping, design, and history.
Original Vault Door Installed in 1935 (Image courtesy of Yonhap) The original building was the first bank in Korea constructed with a steel-reinforced frame and designed through an international competition. Remarkably undamaged during the Korean War, it remained in use until Shinsegae acquired the property in 2015. Shinsegae consulted cultural heritage experts more than 30 times throughout the project.
Notable restorations include the original floral plaster ceiling on the first floor, the 1935-era vault door now displayed on the fourth floor, and granite-tiled elevator halls recreated in the original style. While preserving the building’s historical essence, Shinsegae introduced modern architectural touches inspired by global icons, such as a white steel curtain wall modeled after New York’s Morgan Library and a new rooftop garden. Elevators and facilities for improved accessibility were also added.
“This is a space where history, luxury, and modernity converge,” said a Shinsegae spokesperson. “We spared no expense in preserving the building’s heritage while enhancing its functionality.” Part of a broader redevelopment of Shinsegae’s flagship complex, The Heritage joins The Estate, focused on fashion and dining, and The Reserve, which centers on high-end accessories and luxury brands.
(Yonhap) The newly opened basement features a curated craft gift shop tailored to international visitors interested in Korean tr adition, alongside boutiques from luxury names like Lalique, Baccarat, Christofle, and Bang & Olufsen. A valet lounge exclusive to “black diamond-tier” clients adds another layer of exclusivity. Chanel occupies the first and second floors, with the interior designed by renowned architect Peter Marino.
More than 70 pieces of art and bespoke furniture are on display within the boutique, harmonizing Chanel’s Parisian codes with the building’s historic features. The third floor will open later this year, while the fourth floor houses a history museum and gallery, showcasing artifacts from Shinsegae’s early days as Korea’s first department store, digitized for public viewing. A photo exhibition tracing the evolution of Namdaemun and Shinsegae between the 1930s and 1950s marks the gallery’s debut.
On the fifth floor is the House of Shinsegae Heritage , an immersive cultural space dedicated to traditional Korean lifestyle and design. It includes a dessert salon featuring dishes developed by Shinsegae’s Korean cuisine research lab and a tranquil rooftop garden. Shinsegae emphasized that The Heritage represents its philosophy that “the most Korean is the most global,” seamlessly integrating traditional culture into the luxury retail experience.
The department store says its flagship has become a must-visit destination for tourists seeking a combination of shopping, culture, and history. Later this year, Shinsegae will further expand The Reserve with the opening of Korea’s largest Louis Vuitton and Hermès boutiques. International clientele continue to surge, with foreign customer purchases at the flagship growing by 241% in 2022, 514% in 2023, and 458% in 2024, according to company data.
“Our vision for The Heritage was to create a space that encapsulates Shinsegae’s full commitment to history and excellence,” said Shinsegae CEO Park Joo-hyung. “This is more than a department store—it’s a cultural landmark where visitors can experience the depth of Korea’s legacy alongside the excitement of global luxury.” Lina Jang (linajang@koreabizwire.
com).
