Cheongdam-dong is a representative high-end commercial neighborhood in the affluent southern part of Seoul, featuring dozens of flagship stores of global luxury brands lined up along the main street, along with fine dining and upscale lounge bars in the surrounding area.

Cheongdam saw substantive growth during the pandemic era, when pent-up demand due to social distancing and quarantine rules transformed into a surge in conspicuous consumption, leading to a boom in the luxury goods market.

Despite a slight decline in the global annual revenues of the luxury market last year, the popularity of Cheongdam, a highly sought-after luxury street, will continue to thrive. This growth is mainly driven by the maturation of the luxury market in Korea and the exclusive appeal of the prestigious location, high-end retail market experts noted.

During a recent interview with The Korea Times, Kelly Nam and Daniel Song, directors overseeing tenant representation for retail services at Cushman & Wakefield in Seoul, explained why Cheongdam holds an irreplaceable niche among all commercial zones in Seoul and shared their expectations for its future.

“The Cheongdam district has a unique history of being a home for high-end luxury items even before the late 1990s. The main street had been crowded with local high-fashion designers, before it became a sought-after destination by global 카지노 luxury brands starting in the late 1990s. Since then, it has continually grown with more and more global high-fashion brands establishing a presence in the area, leading to explosive growth during the pandemic era,” Nam said.

“These high-end luxury brands need to maintain their prestige and value over the long-term perspective, often spanning over 20 years. Thus, they can’t afford to settle for unsuitable locations. This has led to a high demand for flagship stores in the Cheongdam district, a place where they can showcase their value in a stylish manner,” Nam highlighted.

“Personally, I feel that the luxury industry itself is entering a mature phase in Korea, with local customers showing increased demand for watches and jewelry,” she pointed out. This trend is evidenced by high-end global jewelry and watch brands, such as Van Cleef & Arpels and Tiffany & Co., recently opening their flagship stores or planning upcoming launches in Cheongdam.