Hyundai Department holds IR sessions in Hong Kong, Singapore

By Kim Young-gyo
HONG KONG, July 1 (Yonhap) -- Hyundai Department Store Co., South Korea's
third-largest department store by sales, has held investor relations sessions in
Hong Kong and Singapore, company officials said Thursday.
The company said it discussed its growth strategies and financial status during
the non-deal road shows held Thursday through Wednesday with 27 institutions.
A non-deal road show refers to a large meeting or conference put together for the
purpose of meeting potential clients without a specific agreement being discussed
or agreed upon.
"Investors' interest in Hyundai Department Store was much better than the last
meeting held in September 2009, as they showed more confidence in South Korea's
economy," said a financial source who was present at the meetings.
Sales at South Korea's department stores rose in May from a year earlier due to
greater consumer demand for sporting goods and clothing, a recent government
report showed.
Hyundai Department Store Group said earlier this month that it is aiming for 20
trillion won (US$16.3 billion) in sales by 2020, nearly a three-fold gain from
this year's target.
The company said it will increase the number of its department store outlets to
23 from the current 11 as part of efforts to achieve its sales target.
Hyundai Department also has been seeking to acquire a foreign company in order to
expand its presence in China and Southeast Asia.
Its larger rival Shinsegae Co. has been aiming to open 100 discount stores in
China by 2014, as part of its aggressive push into the world's fastest-growing
economy.
ygkim@yna.co.kr
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