"Honey, I'm headed down to the 7-Eleven for a Slurpee and a $4,500 aligator bag"
After a successful test of selling eight Gucci product lines, 7-Eleven stores in Korea will be offering luxury goods in an effort to capture a bit of the consistently strong demand for high-end goods in the Korean market. It is part of a growing trend in Korea of retailers not traditionally associated with luxury products jumping in to gain a slice of the profits.
“Having spotted a trend that the public are embracing more luxury goods than ever before, we wanted to make them more easily accessible,” said Cho Yun-jung, a spokeswoman for 7-Eleven.
The luxury goods market is one of the strongest sectors of the Korean economy. Sales grew at least 12% to an estimated $4.5 million last year, according to a report by McKinsey & Company in August.
7-Eleven sold 62 Gucci items during the September trial period, worth 58 million won or $50,000. According the 7-Eleven, discounts on Gucci bags were up to 24% off retail prices at brand stores.