‘The Heritage': Shinsegae revives century-old bank as cultural, retail landmark

Korea Herald

15-04-2025

In 1935, Seoul saw the construction of a rare building in the heart of Myeong-dong: the five-story Joseon Savings Bank designed in a neo-Baroque style.
Shedding its banking identity of 90 years -- including as Korea Savings Bank, Jeil Bank and Standard Chartered Bank Korea -- the building has been refashioned into something different, following a decade of reimagining by South Korean retail giant Shinsegae Group.
According to the group, the building lives up to its new name, The Heritage, as a retail space that embodies Shinsegae's deft fusion of Korean commerce and culture in Myeong-dong, near its flagship department store.
'The space reflects our commitment to preserving Korean culture in a place where modern commerce has flourished,' said a Shinsegae official. "As the first Korean company to establish a department store in the country, we see this building as a powerful symbol that amplifies our efforts to promote Korean craftsmanship and heritage."
The first encounter visitors have with The Heritage begins with none other than Chanel, which occupies the first and second floors of the building. Designed by New York-based architect Peter Marino, the boutique, befitting the concept of heritage, blends meticulous craftsmanship with a spirit of refined artistry.
The Chanel store also has more than 70 pieces of artwork and furniture on display, accompanied by restored floral plaster reliefs on the ceiling.
Deeper into the building, the group's vision of honoring the enduring legacy of the building's heritage comes into sharper focus.
While the third floor is slated to open later this year, the fourth floor already hosts a museum. The museum presents digital archives and historical materials related to both the building and Korea's commercial history. In the adjacent gallery, visitors will find a photographic chronicle of the Namdaemun area from the 1930s to the 1950s and Shinsegae's cultural footprint in Korean commerce.
The fifth floor is devoted to Korean culture and lifestyle, where a current exhibition explores the art of bojagi, or traditional Korean wrapping cloths, through the works of various artists. Sharing the space is a dessert salon offering traditional Korean snacks and tea.
On the basement level, the building continues to bridge tradition and luxury. Alongside upscale lifestyle brands is a curated craft gift shop featuring a diverse array of Korean artisanal works, from fabric and metal crafts to fine ceramics.
The group explained that the building's legacy and its location in Myeong-dong, a district long favored by visitors from overseas, especially lend weight to Shinsegae's mission of presenting Korean culture to an international audience.
Officially designated as the 71st Tangible Cultural Heritage of the Seoul Metropolitan Government in 1989, the building carries both historical and cultural significance.
Shinsegae worked to restore 90 percent of the structure to its original condition through consultations with the National Heritage Committee after acquiring the building in 2015, which had, most recently been used by Standard Chartered Bank Korea.
'We envision our department store in Myeong-dong as a converging point where the joy of tourism and shopping meets the depth of culture,' the company official said.
[e-mail]