Shinsegae targets 15 tln won in sales by 2020

SEOUL, July 5 (Yonhap) -- Shinsegae Co., the operator of South Korea's second-largest department store chain, said Tuesday that it plans to more than double its sales by 2020 by expanding its sales networks and finding new growth engines.
Shinsegae, which runs Shinsegae Department Store, said that it is targeting 15 trillion won (US$14 billion) in sales in 2020, up from an estimated 6.4 trillion won in sales this year.
It is also eying 1.5 trillion won in operating profit by 2020, compared with an operating profit of 220 billion won recorded in 2010.
Shinsegae said it will open eight more stores in South Korea by 2020 in a bid to set up a broader network of its retail shops. Currently, Shinsegae operates nine department stores.
The company also said its online shopping mall, Shinsegae Mall, is targeting 2 trillion won in sales by 2015 to become the top player in the market.
Shinsegae spun off E-Mart Co., the country's top discount store chain, in May this year. Shinsegae has four affiliates under its wing, while E-Mart owns another 10 units, including Starbucks Coffee Korea Co.
brk@yna.co.kr