Olive Young announced on the 9th that it will invest 123.8 billion won this year for new store openings, renovations, and logistics infrastructure strengthening in non-metropolitan areas. This represents more than a three-fold increase compared to 2023, with store construction-related investments up 36% year-over-year. The plan is to strengthen investments in non-metropolitan areas to revitalize local economies and create youth employment.
Olive Young has 78 large stores of 100 pyeong or more scheduled for new openings and renovations this year, with 43 of these stores being deployed entirely in non-metropolitan areas. Global specialty stores will be established in major tourist destinations such as Busan, Jeju, and Gyeongju, while large flagship "town stores" will be concentrated in old downtown areas and new cities across the Gyeongsang, Jeolla, and Chungcheong regions. The strategy is to attract visits from local consumers and foreign tourists by creating K-beauty landmarks throughout the country that combine regionally distinctive designs with experiential elements.
In fact, foreign customer sales at Olive Young stores in Gyeongnam, Chungbuk, and Ulsan increased by more than 120% year-over-year, indicating that visitor demand previously limited to specific regions is gradually spreading to wider areas. Commercial districts in Daejeon, Seomyeon, and Gangneung where town stores opened saw visitor numbers increase by an average of 25% in the six months following opening compared to the same period prior.
Olive Young plans to expand operations of its Gyeongsan Center and regional MFCs (urban logistics hubs) to revitalize the local consumption ecosystem. The company recently expanded logistics equipment investment at the Gyeongsan Center to strengthen delivery within 24 hours in the Daegu-Gyeongbuk region, and plans to launch fast delivery services for Jeju Island residents within the year.
New hires in non-metropolitan areas this year will reach 600 people. A single Olive Young town store employs an average of about 55 people. Olive Young plans to expand professional education programs so that part-time work can lead to full-time careers in beauty and wellness. The company supports employees in designing their desired positions and career paths themselves and enables job and workplace transfers through the internal recruitment system called "Job Posting."
