Shin Kong Mitsukoshi secures top honours for Digital Initiative and Pop-Up Retail Project in Taiwan at Retail Asia Awards 2024

SKM is set to maintain its position as a leader in the retail sector in Taiwan.

Shin Kong Mitsukoshi (SKM) Department Store Co., Ltd. has distinguished itself at the Retail Asia Awards 2024, clinching awards in two prestigious categories – Digital Initiative of the Year - Taiwan and Pop-up Retail Project of the Year - Taiwan. These accolades are a testament to SKM's innovative approach to blending traditional retail with modern digital strategies and engaging pop-up experiences.

In 2023, SKM launched "SKM Media," a groundbreaking Retail Media Network (RMN) that marks the first foray by an Asian department store into luxury Online-Merge-Offline (OMO) retail media. SKM Media offers a suite of modularised advertising tools and inventory, designed to facilitate brand-led consumer journeys across online and offline platforms, enhancing brand visibility and boosting sales. Within its first year, SKM Media has dramatically increased sales and established a lucrative new revenue stream for SKM, involving 30 prestigious brand partners and achieving margins that far exceed traditional retail operations.

The SKM Media initiative leverages a sophisticated advertising system integrated with a Customer Data Platform (CDP) that collects real-time purchasing data from over 3.6 million members. This platform enables precise targeting and segmentation, allowing brands to tailor their marketing strategies effectively. The success stories include collaborations with high-profile cosmetics and boutique brands, which utilised SKM's targeted advertising and content strategies to achieve significant sales increases and customer engagement.

Parallel to its digital success, SKM's annual Japan Food & Merchandise Exhibition has become a hallmark event, greatly anticipated by consumers across Taiwan. Since its inception in 2010, the event has grown to feature more than ten exhibitions annually across all SKM branches, showcasing an extensive range of Japanese products—from gourmet foods like Wagyu beef and sushi to premium crafts and cultural performances.

The exhibition not only celebrates the diversity of Japanese cuisine and crafts but also serves as a cultural bridge, enhancing tourism and cultural exchanges between Taiwan and Japan. Through this initiative, SKM has partnered with various organisations, including the Japan-Taiwan Exchange Association and Japan's Mitsukoshi Isetan Department Store, to promote deeper bilateral ties.

These initiatives by SKM have not only reinforced its market leadership but also showcased its ability to innovate and adapt in a rapidly changing retail landscape. The digital prowess demonstrated by SKM Media and the cultural richness of the Japan Food & Merchandise Exhibition have both contributed significantly to SKM's sustained success and popularity.

Looking ahead, SKM plans to further expand these successful initiatives, anticipating a 4.5-fold increase in RMN media revenue by 2024 for SKM Media, and continuing to enhance the scope and impact of its Japanese exhibitions. With these achievements, SKM is set to maintain its position as a leader in the retail sector in Taiwan, continually pushing the boundaries of what is possible in retail innovation and cultural promotion.

The Retail Asia Awards is presented by Retail Asia Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's exceptional products or initiatives in the Retail industry, please contact Jane Patiag at [email protected].