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mindmetoo
Joined: 02 Feb 2004
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 Posted: Fri Apr 22, 2005 11:28 pm Post subject: Hmmm the Myeong Dong Starbucks is moving? |
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| It would appear the flagship Starbucks in Myeong Dong is moving half a block to the left. I think that would be west. Or east. Anyway, the Starbucks occupies what is regularly assessed as the single most expensive and valuable plot of land in Korea. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Sat Apr 23, 2005 3:02 am Post subject: |
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eh?
that's where i met my wife!!
doh. |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Sat Apr 23, 2005 8:10 am Post subject: |
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| Captain Corea wrote: |
eh?
that's where i met my wife!!
doh. |
What a coincidence! That's where I met her too! |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sat Apr 23, 2005 4:22 pm Post subject: |
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| dogbert wrote: |
| Captain Corea wrote: |
eh?
that's where i met my wife!!
doh. |
What a coincidence! That's where I met her too! |
I woke up this morning and shot an elephant in my pajamas... |
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Derrek
Joined: 15 Jan 2003
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| Posted: Sat Apr 23, 2005 4:25 pm Post subject: |
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| dogbert wrote: |
| Captain Corea wrote: |
eh?
that's where i met my wife!!
doh. |
What a coincidence! That's where I met her too! |
Yeah, what's up with her liking caramel lattes so much? |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Sat Apr 23, 2005 8:24 pm Post subject: |
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its the largest starbucks in the world!
if Samsung didnt buy that building they will be losing money cuz the rent there would just be HUGE!!!!
in case some people are wondering why I wrote samsung thats because
samsung own the starbucks rights in Korea so they profit off of starbucks here.. |
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PEIGUY
Joined: 28 Mar 2004
Location: Omokgyo
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| Posted: Sun Apr 24, 2005 1:16 am Post subject: |
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| itaewonguy wrote: |
its the largest starbucks in the world!
if Samsung didnt buy that building they will be losing money cuz the rent there would just be HUGE!!!!
in case some people are wondering why I wrote samsung thats because
samsung own the starbucks rights in Korea so they profit off of starbucks here.. |
For some reason that little tid bit of information does not surprise me... if it wasn't samsung it would LG, or Lotte or Hyundai..  |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sun Apr 24, 2005 1:17 am Post subject: |
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| itaewonguy wrote: |
its the largest starbucks in the world!
if Samsung didnt buy that building they will be losing money cuz the rent there would just be HUGE!!!!
in case some people are wondering why I wrote samsung thats because
samsung own the starbucks rights in Korea so they profit off of starbucks here.. |
Starbucks is a partnership with Shinsegae. Is Shinsegae owned by Samsung? |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Sun Apr 24, 2005 1:22 am Post subject: |
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| mindmetoo wrote: |
| itaewonguy wrote: |
its the largest starbucks in the world!
if Samsung didnt buy that building they will be losing money cuz the rent there would just be HUGE!!!!
in case some people are wondering why I wrote samsung thats because
samsung own the starbucks rights in Korea so they profit off of starbucks here.. |
Starbucks is a partnership with Shinsegae. Is Shinsegae owned by Samsung? |
yes.. the owner of Shinsegae is GOH HYUN JUNG she was married to the Samsung owners son! but they divorced!
so in the divorce she got the department store and the Starbucks coffee rights..
but you know what they say! once you in the family you NEVER GET OUT!
so she might own starbucks and shinsegae.. but how much of it we will never know.. IM sure Samsung has some control in it too..
GOH HYUN JUNG was a famous, well IS a famous actress in korea..
but once you marry into Samsung you have to quit your job.. so she did!
but once she divorced, she came back and is now seen in many Cellphone commercials etc... |
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weatherman
Joined: 14 Jan 2003
Location: Korea
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| Posted: Sun Apr 24, 2005 5:10 am Post subject: |
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http://times.hankooki.com/lpage/biz/200504/kt2005042418102311890.htm
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Rent Brews Trouble at Starbucks
By Seo Jee-yeon
Staff Reporter
Excessively high rent forced Starbucks to close Asia��s largest coffee shop in Myongdong, downtown Seoul, on May 1.
The Korean affiliate of the Seattle-based coffee chain said yesterday that the company has decided to relocate the shop due to ``unacceptable���� rent hikes.
Shown above is Asia's largest Starbucks coffee shop, which opened in 2000 in Myongdong, downtown Seoul. The world's largest coffee chain will close the four-story shop next month, pressed by an excessive rent hike, and relocate it in an adjacent area.
``In the contract renewal, the landlord doubled the monthly rent,���� a Starbucks Korea official said. ``We decided to close the shop and relocate it to an adjacent area as it��s difficult to make ends meet under the increased rent while maintaining service quality at the same time.��
He declined to reveal the proposed rent, but industry sources estimate the raised monthly rent reaches around 100 million won ($100,000) with a 3 million won down payment, which the building owner recently proposed to coffee shop chain Java City Korea.
Myongdong is one of the nation��s most expansive areas for office rent. In particular, the rent for the building housing the four-story Starbucks is the highest as the subway station and shopping mall are close by.
The area near the building was ranked No. 1 in a survey of standard prices of real estate in 2004, with the land price reaching 138.84 million won per pyong (about 3.3 square meters).
``Despite sales growth, we will take a bold measure against the excessive rent hike, including relocation,���� the official said.
``With the relocation of the Myongdong shop, we expect the rent to fall to two-thirds of the proposed price and sales in the new Myongdong shop could double.��
It is not the first time for Starbucks Korea to relocate.
Early this year, the company also closed a branch near a movie theater inside COEX Mall in Samsung-dong.
Although the shop did well, ranking on the top ten list in terms of sales, the company said it had no choice but to shut down the shop as the rent was raised 300 percent.
The company filed a lawsuit to defend the shop, claiming that no city in the world would raise the rent 300 percent at once.
According to Starbucks, the portion of rent to the total operating cost of a coffee shop accounts for 30 percent in Seoul, higher than 10 percent in the U.S. and 15 to 20 percent in Tokyo and Hong Kong.
The expensive office rent in Seoul is often mentioned as a trade barrier among foreign businesses, in particular, small- and mid-sized foreign companies.
A dealer of German carmaker Mercedes-Benz Korea said if the office rent were reduced, he could lower the price of the cars, which would lead to sales growth.
French discount chain Carrefour has also decided to relocate its head office in Seoul to Kyonggi Province to cut operating costs.
Foreign retail shops are surprised by the expensive rent in Seoul and frustrated by excessive rent hikes of up to 200 to 300 percent at once when they start generating profits, a real estate consultancy in Chungdam-dong said.
In a rent survey of 229 shopping districts among 45 countries, Cushman & Wakefield Healey & Baker found that Myongdong is ranked 10th in the world and 4th in Asia. |
Nothing like socking it to the foreingers doing well. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sun Apr 24, 2005 4:00 pm Post subject: |
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| weatherman wrote: |
Early this year, the company also closed a branch near a movie theater inside COEX Mall in Samsung-dong.
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I wondered what happened to that one. I thought it was a little silly having two Starbucks in Coex. The article isn't clear if they closed the movie theater Starbucks because of a jacked up rent. I do like the Coffee Bean place they opened there. I love Starbucks but sometimes the Coffee Bean frozen drinks are nice and a mite cheaper than Starbucks. |
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Universalis
Joined: 17 Nov 2003
Location: Seoul
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| Posted: Sun Apr 24, 2005 10:09 pm Post subject: |
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[quote="itaewonguy
yes.. the owner of Shinsegae is GOH HYUN JUNG she was married to the Samsung owners son! but they divorced!
so in the divorce she got the department store and the Starbucks coffee rights.. [/quote]
I don't think that's correct. Shinsegae is run by Lee Myung-hee, the sister of Samsung's Chairman Lee Kun-hee. As for who owns it officially, I'm not sure, but it is part of the extended Samsung family.
Brian |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Mon Apr 25, 2005 12:37 am Post subject: |
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| Universalis wrote: |
[quote="itaewonguy
yes.. the owner of Shinsegae is GOH HYUN JUNG she was married to the Samsung owners son! but they divorced!
so in the divorce she got the department store and the Starbucks coffee rights.. |
I don't think that's correct. Shinsegae is run by Lee Myung-hee, the sister of Samsung's Chairman Lee Kun-hee. As for who owns it officially, I'm not sure, but it is part of the extended Samsung family.
Brian[/quote]
yes.. sorry I made a mistake..
the EX mother inlaw of Go HYUN JUNG owns the shinsegae..her son being the ex husband or her..
she didnt get the SHINSEGAE in the divorce I guess..
but she did get the STARBUCKS and AMANI rights tho if its corrent what they write in the papers.. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sat Jul 09, 2005 5:12 pm Post subject: Update |
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| I heard Coffee Bean is moving into the Starbucks location. They're really making a big play in Seoul. The Starbucks COEX theater location was closed due to a big rent increase and then Coffee Bean moved in when Starbucks moved out. |
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Derrek
Joined: 15 Jan 2003
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| Posted: Sat Jul 09, 2005 7:32 pm Post subject: Re: Update |
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| mindmetoo wrote: |
| I heard Coffee Bean is moving into the Starbucks location. They're really making a big play in Seoul. The Starbucks COEX theater location was closed due to a big rent increase and then Coffee Bean moved in when Starbucks moved out. |
I'd venture to say they have to be taking a loss on purpose, just for the name recognition that goes along with being there. |
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