Uniqlo, which closed its Myeong-dong store amid the Boycott Japan movement, reenters the 1 trillion won sales range and returns after five years

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[The Financial News] Uniqlo Korea is expected to return to Myeong-dong in May, buoyed by a recovery in sales to the 1 trillion won range. In January 2021, Uniqlo closed its symbolic UNIQLO Myeongdong Central Store after sales plunged amid the Boycott Japan movement and the impact of COVID-19.
According to News1 on the 26th, Uniqlo plans to open a store at Le Méridien Seoul Myeongdong on Myeongdong 8na-gil in Jung-gu, Seoul, as early as May. On the 23rd, notices restricting access by outsiders were posted on the first through third floors of Le Méridien Seoul Myeongdong, and the exterior of the store was reportedly covered with opaque vinyl.
The new Myeong-dong store is said to cover 3,200 square meters, or about 968 pyeong. It is expected to be developed as a large-format store that goes beyond retail space and concentrates brand experiences, with zones such as "UTme!," "RE.UNIQLO Studio," and a pickup locker area.
The UNIQLO Myeongdong Central Store, which opened in 2011, was a symbolic space that helped establish the brand's presence in the Korean market. Its return to Myeong-dong about five years after withdrawing from the central store is seen as carrying special significance.
At the time, Uniqlo suffered business difficulties as the Boycott Japan movement and a drop in foreign visitors due to COVID-19 caused sales to fall sharply from a peak of 137.8 billion won in 2019 to 62.98 billion won in 2020, while operating losses reached 88.4 billion won. The company eventually decided to withdraw from the Myeongdong Central Store.
Sales, which had remained on a downward trend, recovered to 92.19 billion won in 2022 and 92.19 billion won in 2023, before rising to 135.23 billion won in 2024 and reentering the 1 trillion won sales range. It also posted 135.23 billion won in sales last year, marking two consecutive years in the 1 trillion won range.
The Uniqlo store currently located at the Lotte Department Store Main Branch in the same commercial district will close on the 30th of this month.
y27k@fnnews.com Seo Yoon-kyung Reporter