Hyundai to open first standalone store for Genesis luxury brand

Shinsegae

21/07/2016 03:50

SEOUL, July 21 (Reuters) - Hyundai Motor  005380.KS  on 
Thursday said it plans to open its first dedicated store for its 
Genesis luxury car line near Seoul later this year, as the South 
Korean automaker looks to build a separate identity for the 
brand. 
    Hyundai Motor, best known as a value automaker, launched 
Genesis as a standalone brand in November hoping to compete with 
the likes of Germany's BMW  BMWG.DE  and Audi AG  NSUG.DE  in 
the higher-margin premium segment.  urn:newsml:reuters.com:*:nL3N12Z1EL 
    The store will be located at what will be South Korea's 
biggest shopping mall, Starfield Hanam, due to be opened later 
this year by retailer Shinsegae Group near Seoul, the carmaker 
said.   
    U.S.-based Tesla Inc  TSLA.O  was also in talks to open a 
store at the mall, although a decision had not been made, an 
official at Shinsegae said. 
    A Hyundai Motor spokesman declined to comment on plans for 
further standalone Genesis outlets. 
    South Korean newspaper Electronics Times said on Thursday 
that Hyundai planned to open 10 dedicated Genesis stores in 
South Korea by next year, including in Seoul's wealthy Gangnam 
district and the southeastern city of Busan. 
    The Genesis line-up currently features two models, a range 
that the company plans to expand to six by 2020 including an 
SUV. 
 
 (Reporting by Hyunjoo Jin; Editing by Tony Munroe and Stephen 
Coates) 
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters 
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net)) 
 
Keywords: HYUNDAI MOTOR STORE/