Bukchon emerges as a new shopping hot spot in South Korea for global tourists
Bukchon emerges as a new shopping hot spot in South Korea for global tourists
SEOUL – Nestled between the historical grandeur of the main palace Gyeongbokgung and the winding alleys of traditional hanok, Bukchon is being transformed from a heritage enclave into one of Seoul's most dynamic shopping destinations, particularly for international travellers.
Once known primarily for its well-preserved architecture and cultural significance, it is now a growing hub for fashion, beauty and fragrance brands.
With an influx of flagship stores, limited-edition product launches and experiential spaces, the neighbourhood is drawing attention fro m domestic trendsetters and foreign visitors.
The transformation began around fiv e y ears ago, with small, independent perfumers popping up around Bukchon.
'That became a unique characteristic of the area, which then attracted an increasing number of fragrance brands. Now, you can find many domestic scent-related brands here. And with Tamburins – the most popular among foreign visitors – opening a store here too, it really proves Bukchon's growing status,' said a staff member of a local perfumery.
That growth is backed by hard data. According to Seoul's real-time statistics, monthly credit card spending in Bukchon Hanok Village rose from 1.9 billion won (S$1.78 million) in January to more than 2.57 billion won in April. Projections suggest spending may exceed three billion won by the end of May.
Recognising its potential , global and local brands are establishing a presence in the neighbourhood. Tamburins, a K-beauty fragrance label known for its minimalist design and immersive retail experience, opened its Bukchon flagship store in 2023.
Tourist Giselle Roberts from Britain said: 'I'm a huge fan of South Korean actor Jung Hae-in, and after watching K-drama Love Next Door (2024), I really wanted to visit this area. It feels so authentic with all the traditional Korean architecture. Since Tamburins is one of the must-have items in South Korea, visiting the store was a top priority for me.'
Luxury skincare brand Sulwhasoo also launched its House of Sulwhasoo Bukchon in a renovated hanok-yangok hybrid space that blends traditional Korean and Western architectural styles in 2021.
A look into the interior of The House of Sulwhasoo.
PHOTO: THE HOUSE OF SULWHASOO BUKCHON/FACEBOOK
'Bukchon is a symbolic area where the past and present coexist beautifully,' a Sulwhasoo representative said. 'The concept of 'house' is both private and expressive of one's tastes, which allows for a deeper connection to the brand.'
House of Sulwhasoo Bukchon offers guided tours in Korean, English and Chinese, with foreign visitors making up about 60 to 70 per cent of attendees.
'I'm an exchange student from Mexico, and my Korean friend arranged this guided tour for me,' said Dominique Rodriguez. 'I really enjoyed experiencing the products while learning about the brand's history. It felt more like being in an exhibition than a typical store.'
Fashion has followed suit. In August 2024, Adidas opened the Adidas Bukchon Heritage Store – its first sneaker-focused location in Korea. The shop features hanok-inspired architecture, traditional motifs and exclusive product drops.
Adidas Bukchon Heritage Store.
PHOTO: ADIDAS KOREA
'The Adidas Bukchon Heritage Store is a special place where customers can experience the history and culture of South Korea, which is gaining worldwide attention, while enjoying shopping,' said Mr Peter Kwak, general manager of Adidas Korea.
The store's standout release, the Samba Tal, reinterprets the Samba sneaker with design elements from traditional Korean mask dance. Adidas Korea reports that more than half of the customers at its Bukchon Heritage Store are international visitors, highlighting the location's growing global appeal.
Other notable openings include K-beauty store Yless, artisan fragrance atelier Granhand and lifestyle brand Nonfiction. Global brands, such as fragrance house Le Labo, are preparing to enter the scene sometime in 2025.
Industry insiders say Bukchon's unique blend of heritage and innovation gives it a distinct edge.
Yless' flagship store in Bukchon.
PHOTO: YLESS
'Unlike areas like Seongsu-dong or Hannam-dong, Bukchon leverages the appeal of 'Korean tradition', making it the perfect place for experiential space marketing,' said fashion editor Lee Han-gyu. 'From hanok-inspired interiors to cultural storytelling, these brands give tourists a reason to visit and come back.' THE KOREA HERALD/ASIA NEWS NETWORK
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Straits Times
2 hours ago
- Straits Times
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'I'd like to erase the misconception that what is more costly equates to better quality. With proper handling and preparation with care, locally bred fish can taste just as good as fish from Japan or elsewhere,' says the 35-year-old Seoul native. Like chef Han, fine-dining restaurants in Singapore are casting their nets beyond traditional waters – meat and seafood are usually hauled in from Japa n, and wine from France or Italy – and embracing less tapped regions. It mirrors a wider national shift towards greater supply chain diversity. In 2024, the Singapore Food Agency (SFA) greenlit pork from Portugal, beef from Brunei and Poland, and poultry from Turkey . This brought the Republic's total number of food supply sources to 187 countries and regions, up from 140 some 20 years ago. SFA say s this diversification strategy has 'proven crucial in mitigating risks associated with global supply disruptions, arising from various factors including disease outbreaks, climate change and geopolitical tensions'. Top stories Swipe. Select. Stay informed. Singapore New vehicular bridge connecting Punggol Central and Seletar Link to open on Aug 3 Singapore Tengah facility with over 40 animal shelters, businesses hit by ticks Business Property 'decoupling' illegal if done solely to avoid taxes: High Court Singapore HSA investigating teen who was observed to be allegedly vaping in MRT train Singapore 60 years of building Singapore Asia 'Every day, we think about how to upgrade': China's factories see rise in robot adoption Sport Spurs captain Son Heung-min says he is leaving the English Premier League club Life Tastemakers: Burnt-out serial entrepreneur cooks up $16m success with Lau Wang Claypot Delights Such is true in chef Han's case. 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'These regions offer untapped potential in both quality and cost efficiency, especially as trade routes and supply capabilities mature.' For now, meat and seafood from Taiwan and Ireland are gaining traction in Singapore, as are wine and cheese from Japan. Taste of Taiwan Iru Den chef-owner Javier Low started incorporating Taiwanese ingredients into his menu in 2024. ST PHOTO: DESMOND WEE In 2023, chef Javier Low was plying a well-trodden route to culinary prestige. His ingredients were Japanese and his techniques, European. He was running the show at Iru Den restaurant in Scotts Road, a stretch replete with other Japanese and European establishments celebrated for their premium produce. It was, from the outside, a perfectly viable approach. But behind the scenes, cracks started to show. 'The aftermath of Covid-19 was pretty tough. There were period s w hen the prices of produce from Japan went crazy. And when Japan started releasing treated nuclear waste water from Fukushima into the sea in 2023, we knew that bringing in Taiwanese produce was the right move,' says the 33-year-old chef-owner of the Michelin-selected restaurant. That was also the year he took a trip to Taiwan with his Pingtung-born wife, Iru Den's sommelier Emily Chen, 3 2. There, he was introduced to the wonders of Taiwan – rich, juicy carabinero prawns, maguro and sakura ebi that could give the Japanese versions a run for their mone y , as well as his mother-in-law's cai pu (pickled radish). 'Everyone's supporting Japanese products, so we wanted to take the risk and do something different, more meaningful too because of our connection to Taiwan,' he says. He added that it is rare for Singaporean restaurants to incorporate familial touches in the form of produce grown and prepared by their loved ones. So including his mother-in-law's cai p u in Iru Den's chicken broth and brown butter is the closest he gets to that. Initially, the couple found it difficult to fill their larder with Taiwanese produce. There were few suppliers they could tap in Singapore, so they had to approach fishermen and farmers in Taiwan. Unlike Japan, where produce is brought to a central market and distributed through a tightly organised process, seafood in Taiwan is scattered across its various ports an d d ependent on the whims of fishermen. 'They're a lot more laid-back. If the fisherman wants to fish, he'll fish, but if he doesn't feel like it, then too bad,' observes chef Low, who had to endure a few failed shipments that bit off a chunk of his savings when he first made the switch. Over time, however, the couple cobbled together a reliable band of suppliers through Ms Chen's family connections and fellow chefs. They rebranded as a Taiwanese restaurant in mid-2024 . 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It is known for its sweet, juicy and tender qualities compared with other pork variations, an apparent result of Taiwan's advanced farming methods and careful selection process when it comes to pig breeding,' adds the spokesperson. Despite its moreish quality, a minority of chef Low's customers have baulked at the prospect of a meal sourced mainly from Taiwan. 'Perception is always going to be a problem. Some people think Japanese food is always the best, and everything else is cheaper,' he says. 'So we know our job is to show them better, more interesting alternatives.' Irish ingredients Irish whelk at Luce's buffet. PHOTO: INTERCONTINENTAL SINGAPORE Ireland is sometimes called 'The Emerald Isle', and for good reason too. Its rolling hills and wide pastures are covered in a lush blanket of green, on which animals graze for an average of 220 days a year. This, in turn, makes for robust grass-fed meat and dairy products packed with nutrients. In the cold, clean waters that surround the island, shellfish such as oysters, whelk, crab and lobsters thrive. Now, such natural abundance is making its way to Singapore in greater volumes. In 2024, Ireland exported €42.5 million (S$63.2 million) worth of products to Singapore, a 10 per cent increase compared with 2023. It was an especially significant jump for Bord Bia, or the Irish Food Board, as many markets in Europe and the United States experience only single-digit growth. The most drastic jumps in export numbers were observed in the pigmeat category, which surged by 1 47 per cent. Dairy and beef exports also rose by around 20 and 30 per cent respectively. 'Singaporean consumers and food service professionals prioritise food safety, traceability and nutritional value – areas in which Irish produce excel, thanks to Ireland's grass-fed farming systems and rigorous quality standards. Irish dairy is prized for its rich flavour and purity, while Irish beef and pork are valued for consistent quality and adherence to strict animal welfare practices,' says Bord Bia's South-east Asia director Lisa Phel an. She credits Singapore's dynamic hospitality and food service sectors for driving demand. Restaurants such as Carnaby at Robertson Quay import Silver Hill Irish Duck, while Bread Street Kitchen at Marina Bay Sands serves cuts of Irish Beef . Bord Bia also runs initiatives such as its Taste of Ireland campaign, which ran from March to April . Despite a slight dip in drink and seafood exports, which fell by 9.3 and 3.6 per cent from 2023 to 2024 respectively, demand for those products has increased steadily over the last decade. Eateries such as Luce at InterContinental Singapore continue to swear by Irish seafood. 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It will showcase Irish meats, dairy, seafood and snack brands such as Keoghs crisps that are new to Singapore. While clouds of geopolitical uncertainty loom over the food industry and its supply chains, she is choosing to focus on the silver lining. She says: 'We see potential US tariffs as an opportunity for Irish exporters who are heavily invested in the US to diversify their markets and expand into Singapore and South-east Asia.' Japanese wine and cheese New Japanese wines served at Odette. ST PHOTO: AZMI ATHNI Japanese produce is far from foreign to Singaporeans. But while wagyu and sashimi have thoroughly infiltrated Singapore's kitchens, Japanese wine and cheese – traditionally seen as European domains – remain more elusive. That could soon change, with the profile of Japanese wine, in particular, steadily growing. According to the Embassy of Japan in Singapore and the Japan External Trade Organization, the value of such exports to the Republic has risen from 18 million yen (S$157,000) in 2020 to 51 million yen in 2024. 'The number of Japanese winemakers who have studied abroad, including in France, has increased in recent years, leading to rapid improvement in winemaking techniques,' says Mr Takeshi Koga, 42, first secretary (agriculture and food) at the Embassy of Japan in Singapore. He adds that international awards and attention have also boosted awareness of Japanese wines. Whereas in the past, many Japanese wineries struggled with international outreach due to language barriers and limited marketing experience, producers and export managers – many of whom are educated overseas – have started to help bridge that gap, notes Mr Daisuke Shibuya, 44. He is the head sommelier at Terra Tokyo Italian, an Italian-Japanese restaurant in Tras Street. To him, the appeal of Japanese wine lies in its delicate taste. 'In Japan, most grapes grow in volcanic soil, so Japanese wine contains a high level of minerality. The climate is also cooler , like Germany or Austria , so it has a higher acidity, elegant aroma and lighter body.' While temperature fluctuations once made it difficult to preserve this delicacy during travel, reefer containers as well as better storage and handling techniques mean that the infrastructure to ensure safe deliveries is now firmly in place. Odette wine director Vincent Tan takes an exploratory approach to his curation of pairings. ST PHOTO: AZMI ATHNI Which is why Japanese wines can now be found in restaurants such as three-Michelin-starred Odette at National Gallery Singapore. Its wine director Vincent Tan added the first bottles to the French restaurant's menu two years ago, after a trip to Hokkaido in 2023. Of the restaurant's 1,100 wines, 50 or so are from Japan. 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Suppliers who import Japanese wine to Singapore have told Mr Tan that they get little business from Japanese restaurants, which still view French and Italian wines as the apex. Mr Koga hopes that recognition in Singapore will help to spur interest back home. 'Japan takes pride in its craftsmanship and quality. But like Lexus or Suntory whisky, many products are valued at home only after earning praise abroad.' He also notes the improving quality of Japanese cheese, though this has proven a harder sell. The value of its Singapore exports has hovered around 21 million yen since 2020, through worldwide demand has inched up from 520 million yen to 608 million yen over the same period. However, some fine-dining restaurants have started to pave the way for this new category of cheese. For example, newly minted one-Michelin-starred restaurant Omakase@Stevens' summer menu features cheddar from Nagano. Executive chef Kazuki Arimoto believes that Japanese cheese has immense potential, but its prevalence is curtailed by the lack of established import channels, which makes distribution to Singapore difficult. 'Japanese cheeses offer a more subtle but robust character – not overpowering, yet deeply flavourful,' says the 31-year-old. 'In my cooking, I strive to showcase the individuality of each cheese while ensuring a harmonious balance in the dish.'
Business Times
2 hours ago
- Business Times
Trump momentum drives stablecoin urgency in Asian financial hubs
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The White House earmarked US dollar stablecoins as a priority in a January executive order, days after Trump's inauguration. 'The Genius Act has opened the floodgates for stablecoin adoption,' said Benjamin Grolimund, General Manager for the UAE at crypto exchange Flipster. 'Whether you support it or not, stablecoins are now unavoidable.' Overhanging Asia's flurry of activity is the fear of capital flight. The US dollar reigns supreme in today's stablecoin market, with US$256 billion in tokens pegged to the greenback. These maintain their price by managing reserves of cash-like assets, such as US Treasuries. By contrast, there's just US$403 million of euro-backed stablecoins in circulation, despite a well established regulatory framework covering such products in the form of the Markets in Crypto-Assets Regulation regime. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The crypto-curious nation of South Korea offers a case in point. South Koreans are already trading piling into dollar-pegged stablecoins. Transactions involving USDT, USDC and USDS, three of the largest US dollar proxies, on five domestic exchanges reached 57 trillion won (S$53 billion) in the first quarter, Yonhap News reported, citing Bank of Korea data. Local lawmakers in recent weeks clashed with the central bank over whether to allow Korean companies to issue won-based stablecoins. President Lee Jae-myung's ruling Democratic Party on Jun 10 proposed the Digital Asset Basic Act, creating a pathway for local firms to become issuers. Two weeks later, Ryoo Sangdai, senior deputy governor at the Bank of Korea, warned that stablecoins may shift the country's longstanding policy stance on capital liberalisation and the won's internationalisation. Central bank governor Rhee Chang Yong went further, arguing that non-bank stablecoins would 'cause big chaos like in the 19th century', when currencies issued by the private sector flooded the market. 'Local stablecoins, while offering regulatory visibility at the point of issuance, carry the risk of becoming efficient bridges to global markets through seamless crypto-to-crypto swaps on decentralised exchanges,' said John Park, head of Korea at Arbitrum Foundation. Asian central banks need to find ways to channel the momentum, rather than fighting it, Park said. Regulatory frameworks should aim to preserve sovereignty while staying competitive, he added. Streamlined trading For digital-asset trading firms, a more diverse stablecoin market is a no-brainer. 'Capital controls are a challenge,' said Yoann Turpin, co-founder of crypto market maker Wintermute. 'But stablecoins could provide a vetted, more efficient on-chain system.' Such a setup could streamline arbitrage trades across venues or between markets without the constraint of foreign exchange market hours, said Le Shi, Hong Kong managing director at market making firm Auros. 'There's a real use case for local currency stablecoins, particularly for enabling weekend liquidity and smoother capital movement.' Another possibility is that the growth of local stablecoins could enliven crypto economies in Asia. In South Korea, an estimated 18 million people, over a third of the country's population, are engaged in digital assets. Sam Seo, chairman of the Kaia DLT Foundation, said a won-backed stablecoin would serve different needs than US dollar alternatives. 'In the short term, swaps between the won and USDT will dominate. But longer term, we will need stablecoins from other countries to support direct pairings and faster settlement,' Seo said. Hong Kong, meanwhile, has quickly become the region's stablecoin laboratory. The Hong Kong Monetary Authority is particularly focused on 'viable and practical use cases', not just capital buffers, Clara Chiu, founder of QReg Advisory, said. Many of the issuers that have taken an interest in yuan-backed stablecoins are trading and payment firms that are already using the yuan in cross-border settlement. 'That's where the practical demand lies,' Chiu added. Mainland interest While China's next steps are far from certain, crypto firms including brokers are already preparing for the prospect of yuan-pegged stablecoins. Kennix Chan, vice-president at Victory Securities, said the firm is in active talks with a range of would-be issuers in Hong Kong. The firm's affiliate, VDX, is close to securing a license to operate a digital-asset exchange, according to Chan, allowing it to offer new trading pairs – such as Bitcoin against stablecoins pegged to the Hong Kong dollar – and eventually yuan-backed equivalents. 'When a yuan-stablecoin is born, the market will definitely be exponentially bigger,' Chan said. Despite its blanket crypto trading ban, China appears to be warming to blockchain as a financial tool. People's Bank of China governor Pan Gongsheng said in June that stablecoins could revolutionise international finance, as rising geopolitical tensions highlight the fragility of traditional payment systems. A recent licensing upgrade granted for a major Chinese state-owned brokerage to deal in digital assets through Hong Kong has also stirred optimism among Chinese players. 'It gave hope that there's a way,' Chiu said. Still, few expect Beijing to open its doors to crypto trading anytime soon. Lily King, chief operating officer at digital-asset custodian Cobo, said that Hong Kong will continue to serve as a testing ground for Chinese enterprises looking to build overseas. 'China may not feel the need to open itself,' she added. BLOOMBERG
AsiaOne
3 hours ago
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