Hyundai to open first standalone store for Genesis luxury brand (updated)

Shinsegae

21/07/2016 06:17

(Adds Hyundai comment in 5th paragraph, bullet points) 
    * Store planned for what will be S.Korea's biggest mall 
    * Tesla also in talks for store at Starfield Hanam, near 
Seoul 
 
    By Hyunjoo Jin 
    SEOUL, July 21 (Reuters) - Hyundai Motor  005380.KS  said on 
Thursday 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. 
    Regarding plans for further standalone Genesis outlets, 
Hyundai said that "while many options are being considered 
nothing has been decided at this moment". 
    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/