The Most Comfortable Service Industry in the World (2)
"That's it!"
Through the Magic Mirror, Yoon-gi could see out, but those outside could not see in. It was the only place on the 7th floor with such a feature. Spotting JSD wandering around the floor, Yoon-gi let out a silent cheer. While JD’s personal visit would have been the most ideal scenario, having JSD show up on the grand opening day was enough to guarantee the future stability of the business. Furthermore, it wasn't just JSD; a significant number of military officers above the rank of lieutenant colonel and Republic of Korea military officials above the rank of two-star general were also roaming the 7th floor.
Of course, they weren't there because they had the purchasing power to shop. Aside from JSD and his inner circle, everyone else was either wealthy themselves or connected to those who were. They began to confirm each other's presence and solidify their ties. 'It’s a huge success. That’s it!' The fact that the 7th floor of YK Department Store had become a social hub for the core of the power elite was incredibly encouraging, and Yoon-gi found himself trembling with excitement in the somewhat cramped office.
'Of course it feels good. I’ve done many things and succeeded in many ventures since returning to the past, but this is the first time I’ve succeeded by following my own ideas rather than just mimicking the future. I think I’ve truly experienced that I, too, can do this.'
'Thank you. Thank you!'
'I know, I know. I’ll set up a really extravagant memorial service for you soon.'
'Yes, really. You can look forward to it.'
Leaving Choi Deok-bae, who was excitedly flying through the walls, behind him, Yoon-gi observed the 7th floor through the Magic Mirror for a while. Then, at 11:00 PM, JSD and the other high-ranking officials finally departed. Two hours after the surroundings had gone dark, Ryu Geun-tae entered the office.
"You've worked hard."
"No, not at all. It was a truly thrilling time for me as well."
Ryu Geun-tae wiped the sweat from his forehead with a handkerchief and sat across from Yoon-gi. A small table, two small chairs, and one office desk and chair—this was all that existed in the office, which was technically just a makeshift storage room on the 7th floor. Only Ryu Geun-tae was allowed inside, as the existence of the Magic Mirror had to be kept to a select few. Because the space was so small, it quickly became humid from the heat radiating off Yoon-gi and Ryu Geun-tae. However, neither of them cared about the stuffy room; they began to talk with faces full of excitement.
"What did JSD say?"
"He said he was truly grateful. He told me that if any problems arise regarding the department store business, such as customs clearance, I should tell him immediately. He also said that if soldiers cause trouble at the store, I should contact his subordinates first, not the police. He claimed it would be much faster to resolve that way."
"Ah, I guess I don't need to worry much about 'Jin-sang' (entitled customers) then."
"Is that so?"
"Yes. I saw a very interesting scene on the 2nd floor earlier."
When Yoon-gi told him about Major Park, Ryu Geun-tae laughed so hard he clutched his stomach and even shed tears.
"Wow, I saw the employees' expressions as I was sending them home, and they were all so bright. They were nervous at first because they heard the main customers would be soldiers, but I suppose they can afford to look relaxed if there are no Jin-sang."
"Exactly. YK Department Store will be a Jin-sang-free department store, at least as long as the military regime holds. The moment the military regime collapses, we'll open it to the general public, so Jin-sang will inevitably appear then."
"Still, the fact that there aren't any now is what's important. We need to make good use of the current situation."
"That's exactly what I'm hoping for."
With a satisfied expression, Yoon-gi asked the question he was most curious about.
"What is today's revenue?"
"Don't be surprised."
"Now, I'm really looking forward to this."
"There's a reason I came here two hours after closing time."
Ryu Geun-tae gave a wide grin and held up nine fingers toward Yoon-gi.
"It's a whopping 900 million won! 900 million! That's our daily revenue!"
"Whoa!"
Yoon-gi let out a happy scream, and Ryu Geun-tae, just as happy, pounded his knees with his fists and bounced in his seat.
"If my uncle had heard this, his jaw would have dropped. It's a shame he was sent to Japan on a business trip."
Choi Chul-kyu was currently on a business trip because Seo Jong-hoon needed training regarding the Japanese subsidiary.
"He'll probably be very surprised when he returns. Phew, I'm really glad I'm not the one on that business trip."
"900 million... it's a number that feels like a dream."
900 million won in this era was equivalent to over 3 billion won in today's value. In an era where the per capita national income was less than 10,000 dollars annually, a single department store generating 900 million won in revenue was truly an astronomical level. Considering a profit margin that easily exceeded 40 percent, it meant the daily profit was over 360 million won. Even after accounting for labor costs and maintenance, it was an immense profit, so the excitement of Yoon-gi and Ryu Geun-tae did not easily cool down.
'Honestly, if I had a cold can of beer, I'd want to chug it all at once.'
Thanks to his resolve to live like a minor since he was a minor, he didn't actually drink, but Yoon-gi was a construction site veteran at heart and loved a cold beer. After sweating buckets in the scorching sun, a cup of instant noodles with a beer was the best taste in the world.
"Chairman, but do you know what's even more amazing?"
"What is it?"
"This is only the revenue from the 'main branch'."
"Ah!"
Yoon-gi clenched both his fists without realizing it.
"The revenue from the mini department stores is currently impossible to aggregate due to lack of time. However, the top-performing stores exceeded 15 million won today."
"So they sold Hermès!"
"That's right!"
Even in the era of 30,000-dollar national income, the barrier to Hermès is high. To have sold Hermès in an era of 10,000 dollars meant that the mini department stores were already acting as a gateway of sorts. Furthermore, considering the number of mini department stores, one could fully expect the combined revenue of those commercial districts to surpass that of the main department store.
"Secretary Ryu!"
"Yes!"
Yoon-gi and Ryu Geun-tae stood up at the same time.
"This isn't the end; it's the beginning!"
"Yes! I know!"
The moment the words were spoken, Yoon-gi's expression and demeanor returned to his usual self.
"Then, shall we go back to being our usual selves?"
"Yes."
Ryu Geun-tae also tucked his excitement away and followed Yoon-gi out of the small storage room. However, their footsteps were still filled with an irrepressible joy.
***
The potential of YK Department Store, which generated 900 million won in revenue on its first day. Of course, this revenue figure didn't leak to the outside, but those watching YK Department Store were analyzing the revenue through other means. The boom was such that people even traveled from the provinces for the grand opening. On that day, Cheonggyecheon was so packed with people that the term "a sea of people" was an understatement. Even though they had prepared restaurants in the commercial district in advance, the demand was so high that even restaurants outside the district were completely full.
Among the groups watching this boom, there were, of course, other department stores, and they were inevitably facing a difficult situation. YK Department Store was the only one enjoying import privileges. It was absolutely impossible for them to achieve in just a few days or months what Yoon-gi had achieved through a deep, multi-year plan. However, grabbing at straws, they requested meetings with the power elite and began dispatching employees to the brand headquarters. Of course, this was just other companies outside of YK Department Store doing things unrelated to YK.
There were also companies that wanted to trade with YK Department Store through revenue analysis. That was the banks. Seeing the massive revenue flowing into YK Department Store, the banks wanted to open accounts with them. Whether at the branch level or the main branch level, various banks asked if they could make an appointment with YK Department Store, and some even visited the headquarters in person. However, until now, all appointments had been refused, and visitors had been turned away. There was only one reason.
[There's no need to be in a hurry, is there?]
To date, Yoon-gi had never taken out a single bank loan. In fact, if Yoon-gi had had no past experience, he would have actively utilized loans, but his experience as a commoner had created an aversion to debt. From a commoner's perspective, a loan was essentially a repayment hell that one had to pay off for the rest of their life. Having actually used small-sum private loans several times for living expenses and suffered because of it, Yoon-gi had never taken out a bank loan until the completion of YK Department Store. Although he had borrowed money from his grandfather, that was a private transaction between individuals, so it couldn't be considered a bank loan.
Of course, 14 years had passed since he returned to the past, and having studied management in depth, Yoon-gi no longer held negative thoughts about the concept of loans.
'I finally understand why debt is included in assets.'
If debt were purely bad, it wouldn't be included in assets. Yoon-gi had finally "internalized" the fact that if one could generate a higher profit through a loan than the loan interest rate, then taking out a loan was the right thing to do.
"So, you haven't decided on a specific bank yet?"
Yoon-gi, who was drinking tea with Choi Chul-kyu in the conference room, nodded.
"Yes. There's no need to be in a hurry, is there?"
Choi Chul-kyu nodded at Yoon-gi, who was repeating what he had said before.
"Your main bank must be dying of impatience. They must know all about the relationship between you and YK Department Store internally."
In the 2010s, you could find information about a company with a few clicks on the internet. However, the 80s were completely different. Even listed companies could only be seen after visiting the exchange and submitting documents, so one could only imagine the situation for YK Department Store, a private company. National Tax Service officials knew, and there were powerful people who could ask them, but digging into YK Department Store meant digging into the back of JSD. Therefore, the power elite did not know much about the reality of YK Department Store. If the power elite were like this, how much more so for ordinary companies?
As long as the National Tax Service employees kept their mouths shut, ordinary companies knew even less about the actual owner of YK Department Store. At best, only Yoon-gi's main bank could infer that Yoon-gi was deeply involved with YK Department Store, while other banks didn't even know that much. In fact, even the main bank only inferred, "Isn't the Samwoo Group using some inheritance trick?" so it was obvious how the other banks felt.
"Anyway, the places that have contacted us are really flashy. The Republic Bank, the Naehwan Bank, the Seohan Bank, the Nongryeon... anyway, it's annoying to even list them."
"Of course. Our YK Department Store's connections are truly beyond imagination, and since we are essentially a new company, we don't have any established, sticky business relationships."
The rice was already cooked, but Yoon-gi was letting it steam for even better flavor.