Logo of Phnom Penh Post newspaper Phnom Penh Post - LG premium outlet to build a strong brand image

LG premium outlet to build a strong brand image

Content image - Phnom Penh Post
Sung Suk Kim (above) delivers his speech during the launch of LG premium outlet. supplied

LG premium outlet to build a strong brand image

South Korea’s LG Electronics launched its first premium showroom in Phnom Penh last Tuesday, signaling its seriousness in Cambodia’s growing consumer market.

In line with LG’s vision, “creating a better life with our customers”, the premium showroom, located in Monivong Blvd, provides special experiences for customers and offers best quality products with upgraded services.

“From an industry attractiveness perspective, I have seen great potential in Cambodia consumer electronics market. Cambodia has some strong points that makes it an attractive market,” said Sung Suk Kim, Managing Director of LG Electronics in Cambodia, at the lunching ceremony.

He said the premium showroom will play two important roles.

“Firstly, from the perspective of customers, we can launch high-end products that customers are willing to pay for and can be sold at an acceptable price in the market.

“It is a kind of flagship store for LG to build (its) brand image and deliver products that can provide the differentiated value we promised to our customers,” he added.

“Secondly, we focus not only on strengthening LG brand image but also making good performance itself though premium brand shop which contributes to LG’s next quantum growth,” said Kim.

He said the company has taken the first step to reach its aspiration to make LG a top selling brand in the Cambodian market and will increase its marketing budget to build its brand name.

Content image - Phnom Penh Post
Home theater systems displayed at the premium outlet located along Monivong Blvd.Supplied

The rising small middle class and Cambodia with a young population plus the availability of micro financing which provides consumers with quick loans — will push the demand for electronic items.

According to the Ministry of Economy and Finance, per capita income in 2018 is expected to touch $1,568, from $1,435 last year, due to the stable economic growth achieved at the rate of about seven percent on average for more than a decade.

At the same event the main supplier of LG products in Cambodia, Ggear’s Chief Executive Officer Sok Piseth said the company is trying to promote latest consumer electronics products in the Kingdom.

 “The premium showroom is not an ordinary electronics showroom, all latest products available in the international markets are also sold at the premium showroom. It will give a new experience to our consumers,” he said.

The premium showroom displays a range of household products ranging from refrigerators, washing machines, vacuum cleaners, air conditioners, and the latest LG OLED television.

A study titled “Opportunities for Consumer Goods in Cambodia”, which was jointly commissioned by BritCham, EuroCham, and UK’s Department of International Trade, said the demand for electronics products will grow as household income rises.

“Ownership of consumer electronics is growing quickly in Cambodia. Since ownership of most consumer electronics other than mobile phones is still relatively low, strong sales are expected to continue in the coming years.

“Cooking appliances such as microwaves, toaster ovens, coffee makers, electric kettles, blenders, and food processors have not yet found their way into most Cambodian kitchens.

“Appliance makers that educate consumers on the benefits of these products will be rewarded with sales,” said the report published in 2016.

MOST VIEWED

  • South Korea’s first lady brings hope to ill boy

    South Korea’s first lady Kim Keon-hee – wife of current president of the Republic of Korea, Yoon Suk Yeol – met with a 14-year-boy with congenital heart disease during her trip to the Kingdom for the ASEAN Summit. After their meeting it was announced that the

  • Hun Sen gets Covid, shuns G20, APEC summits

    Prime Minister Hun Sen said he has tested positive for Covid-19 in Indonesia, where he is slated to attend the G20 summit in his capacity of the ASEAN chair. In a social media post addressing the Cambodian public, he said: “Before leaving Cambodia, I always

  • Moody’s sets outlook rating to ‘negative’ for Cambodia

    US global rating agency Moody’s Investors Service Inc on November 15 announced that it downgraded Cambodia’s outlook from “stable” to “negative” and maintained its B2 local and foreign currency issuer ratings. “The negative outlook reflects a deteriorating external position as illustrated by the severe

  • Korean first lady paves way for ill boy’s surgery

    A 14-year-old boy with congenital heart disease who was lucky enough to meet with South Korean first lady Kim Keon-hee may get the chance of a lifetime and receive surgery and treatment at Asan Medical Center in Seoul, South Korea. After seeing his plight, many

  • Hun Sen’s Covid infection caused by ‘weakened antibody’ after summit

    Prime Minister Hun Sen said exhaustion from heavy workload before and during the recent ASEAN Summit may have led to him contracting Covid-19 due to his weakened immune system, while rejecting speculations that the infection was caused by leaders of some countries who did not

  • Kingdom’s rice crowned world’s No1

    Cambodia’s Phka Rumduol jasmine variety has been crowned the World’s Best Rice for the fifth time at the TRT (The Rice Trader) World Rice Conference in Phuket, Thailand on November 17, according to leaders of the Kingdom’s apex rice industry body. Phka Rumduol