Appeal to consumers with a sensory-healing 'high-end' affordable brand
50-50% international vs domestic brands out of 10,000+ products
Expanding online and offline shops, and promoting closed malls and own select shops
"MUH Querencia aims to be a place where consumers can "heal themselves through 5 senses" and get a great deal on high-end products. We are looking to expand our areas in the new year.
In an interview with WikiLeaks Korea on the 13th, NICOBOCO's CEO Ms. Lee Yu-Jeong said, "We are about to launch a full-scale online and offline advancement starting this year when we start to come out of the pandemic's shadow."
MUH Querencia has a meaning that it is place where consumers can find the best products at affordable prices while having fun and getting healed away from pollution and stress.
In January, MUH Querencia's sales reportedly grew 10 times compared to the same month last year. While the market for select shops has improved since the pandemic, consumer experts say its growth can be called a "surge" compared to the usual 2-3 times growth.
Ms. Lee said, "We believe that our recent growth is thanks to the fact that consumers have responded to our efforts to implement Chairman Lee Shin-An's unwavering business philosophy of 'best products and reasonable prices,' without any cheap tricks, even in the face of the crisis of offline shop closures during the pandemic."
Ms. Lee who majored in classical piano and studied film and cultural convergence contents joined NICOBOCO after working in video production planning and marketing at YTN. She is recognized for communicating with consumers digitally and culturally with her youthful approach.WikiLeaks Korea met Ms. Lee who is said to be working 20 hours a day recently to expand the MUH Querencia's business.
▶ We have heard that there are over 10,000 products on MUH Querencia. What categories do you plan to strengthen in the future?
"That is correct. We sell over 10,000 products on Muquerencia. We have organized our categories around living, such as beauty, style, lighting, speakers, interiors, smartphones, air fresheners, health, and food, to connect with consumers.
The areas we plan to strengthen in the future are the Arts and Pet sectors. Until now, the only way for domestic artists to sell their paintings is through exhibitions, but we plan to promote and sell artworks at MUH Querencia. We also plan to increase the number of products in the Pet sector, given the recent trend of rapid increase in households with pets.”
▶ How would you describe MUH Querencia's online strategy, given that the consumer market is increasingly focused on online direct-to-consumer sales (D2C)?
"In the future, we plan to further expand the proportion of online sales with our own mall application. Currently, we sell in about 20 online shops, including Hyundai Department Store, Lotte Department Store, Shinsegae Department Store, and home shopping malls. We are currently in card company malls and plan to increase our presence in closed malls in the future as well."
▶ Since the COVID-19 pandemic, many of the MUH Querencia shops in major department stores have been closed. What plans do you have for offline shops in the future?
“Before COVID-19, we had quite a few MUH Querencia offline shops. We had shops at Lotte Avenuel World Tower, Shinsegae Department Store Centum and Uijeongbu, Lotte Department Store Jamsil, Yeongdeungpo and Jungdong, and Shinsegae Starfield Goyang, and sales were on the rise. However, due to the pandemic, we have been forced to close many offline shops. Recently, we are starting negotiations with each department store to introduce our brand. On the other hand, consumers' consumption patterns move from offline to online through the pandemic, and then the speed of returning to offline is very slow. By looking at these consumption trends comprehensively, we are considering which department store to enter.”
▶ Do you have any other strategies to pursue in addition to online and offline department stores?
“Because online and offline department stores are the center of consumption, we have actually paid the most attention to this area. However, we are developing the 'MUH Querencia Mall' app so that loyal MUH Querencia consumers can enter directly through the app for purchase in the future.
We also plan to enter artwork 'luxury living select shop' in hotels and resorts as well as department stores. In the second half of this year, we are also promoting a plan that allows buyers to directly feel the 'sensory healing' of MUH Querencia through the showroom.”
yoojin@wikileaks-kr.org
