Summary
Lee Myung-hee, the Chairwoman of Shinsegae Group, was born in 1943 in Daegu as the youngest daughter among three sons and five daughters of Lee Byung-chul, the founder of Samsung Group. After marrying Chung Jae-eun, the Honorary Chairman of Shinsegae Group, she initially lived as a housewife but joined Shinsegae Department Store as a director of the sales division in 1979, following a call from her father, Lee Byung-chul, the then Chairman. She adopted her father’s teaching of “customer first” as her lifelong management philosophy. The path Lee Myung-hee has walked can be considered the history of retail in South Korea, filled with numerous “firsts” and “bests.”
Chairwoman Lee was inspired to open E-Mart, South Korea’s first large discount store, in 1993, after observing warehouse-type stores like Price Club and Walmart during her stay in the United States. The first E-Mart store in Chang-dong became extremely popular immediately after its opening, attracting about 27,000 customers. She was also the one who proposed introducing Starbucks to South Korea, assisting her son, Vice Chairman Chung Yong-jin, in the business implementation after he experienced Starbucks during his studies in the U.S. Currently, Starbucks’ sales in South Korea rank fifth among all countries where it operates.
Lee Myung-hee also pioneered the premium outlet industry in South Korea. In 2007, she partnered with Simon Property Group to open the Yeoju Premium Outlet, the country’s first premium outlet. In the same year, she renovated the main building of the oldest existing Shinsegae Department Store into a luxury hall, 77 years after its original opening. In 2009, she opened the Busan Centum City Store, which was then the world’s largest department store.
When Shinsegae Group was separated from Samsung Group in 1991, it started with just two department stores and Chosun Hotel. However, by the end of 2022, it had grown into a conglomerate with 52 subsidiaries, soaring from 33rd in 1997, when the government officially recognized its separation from Samsung Group, to 11th in the domestic business ranking (10th excluding NongHyup).
Timeline
▲ September 5, 1943 = Born.
▲ 1961 = Graduated from Ewha Girls’ High School.
▲ 1965 = Graduated from Ewha Womans University with a Bachelor degree in Living Art.
▲ 1979 = Joined Shinsegae Co., Ltd. as Director of Sales.
▲ 1980 = Executive Managing Director at Shinsegae Co., Ltd.
▲ 1997 = Vice Chairwoman of Shinsegae Co., Ltd.
▲ 1998 = Chairwoman of Shinsegae Co., Ltd.
▲ 2011 = Chairwoman of Shinsegae Group (Current).
