Hyundai Department Store will open the exclusive VIP customer lounge for those in their 20s and 30s for the first time in the Korean retail industry to lure the rich millennials that have recently emerged as new big spenders of luxury goods in the country.

The first “Club YP Lounge” for VIP customers under 40 will be open at The Hyundai Seoul in Yeouido, Seoul and the Pangyo store in Seongnam, Gyeonggi Province on Friday, according to Hyundai Department Store on Wednesday.

Buyers with spending record of over 30 million won ($25,195.26) on its membership cards, big donors and dedicated volunteers are entitled to subscribe the VIP membership program. Subscribers will be able to enjoy VIP benefits immediately from the next day including free valet parking service and interest-free installment plans for up to six months when buying luxury goods.

To better appeal to young taste, the VIP lounge has been designed by Spanish artist and designer Jaime Hayon, who has won numerous awards including multiple Elle Decoration International Design Awards and was recognized as one of the most influential creators of the last decade by Wallpaper magazine and a visionary and one of the most creative icons by Times magazine.

Earlier, Hyundai Department Store introduced the VIP membership program exclusive for customers in their 20s and 30s for the first time in the industry. The retailer has been expanding focus on the young and rich Koreans as they are going on a spending spree on luxury goods amid the pandemic.

From January to September, Hyundai Department Store’s luxury goods sales to those under 40 surged 48.2 percent from a year earlier, 1.2-time larger than the entire growth of 38.2 percent in sales to all age groups.

Hyundai Department Store now is planning to open more Club YP Lounges at other major outlets.

By Hong Sung-yong and Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]