Summary
Vice Chairman Chung Yong-jin of Shinsegae Group leads the group’s innovation and growth with a “vision for the future imbued with philosophy.” Since joining Shinsegae in 1995 as an executive director in the strategic planning office, Chung has embraced the “customer-first” management philosophy of his grandfather, founder Lee Byung-chul, and his mother, Chairwoman Lee Myung-hee. After stepping into management, he adopted his “obsessive focus on customers” philosophy, actively pursuing investment and innovation. As a result, Shinsegae Group’s sales last year reached 37.958 trillion won, more than doubling in just eight years from 17.6117 trillion won in 2014, driven by Shinsegae Department Store and E-Mart.
Since 2015, Shinsegae Group has aggressively expanded into new business areas such as suburban complex shopping malls, convenience stores, and open markets, diversifying its portfolio and pulling the reins for future growth. Chung has consistently presented ideas for the future, based on his belief that the group’s growth should encompass a philosophy for the future. His idea of “gaining customers’ time rather than just their spending” has transformed Shinsegae Group into a national life-share company.
Starfield, the first suburban complex shopping mall in South Korea, opened in 2016, has become synonymous with shopping malls in Korea, attracting 20 million visitors annually (Starfield Hanam) as a place where families can enjoy shopping, leisure, culture, and recreation all day long. In 2027, Shinsegae will introduce “Starfield Cheongna,” the world’s first combination of a dome stadium and a complex shopping mall, where customers can enjoy shopping, leisure, and sports, including baseball and large-scale events and performances, throughout the year. Around 2030, the ultimate life-share destination, Hwaseong International Theme Park, is set to open. The world-class complex resort will feature a theme park, hotels, shopping malls, and golf courses.
Shinsegae Group’s philosophy of a “Shinsegae Universe,” where customers can eat, sleep, see, buy, and enjoy its services, products, and spaces, is expanding to the online realm. SSG.com, a leading online grocery platform, is evolving into a premium online mall, leveraging Shinsegae Department Store’s brand attraction. G-Market, the “first open market in Korea,” has become a group member since 2021 and is transforming into a mega-platform offering personalized shopping experiences based on artificial intelligence and customer data.
“Content with a story” is a theme Chung highlighted in his 2018 New Year’s address. He emphasized the importance of connecting all content, including products, stores, and brands, with various stories and re-editing them to meet customer needs as a core competitive strength. No Brand, which prioritizes customers over brands, Peacock, with popular recipes from chefs of affiliated Josun Hotel, and reinterpreted popular menu items from famous domestic and overseas eateries, are examples of this successful approach.
Timeline
▲ September 19, 1968 = Born.
▲ 1987 = Graduated from Kyungbock High School.
▲ 1994 = Graduated from Brown University with a degree in Economics.
▲ 1995 = Joined Shinsegae Co., Ltd. as an executive director in the strategic planning office.
▲ 1997 = Managing director of the planning and coordination office at Shinsegae Co., Ltd.
▲ 2000 = Vice President of the business support office at Shinsegae Co., Ltd.
▲ 2006 = Vice Chairman of the business support office at Shinsegae Co., Ltd.
▲ 2009 = Vice Chairman and CEO of Shinsegae Co., Ltd.
▲ 2011 = Vice Chairman of Shinsegae Group (current).
