Hyundai Department Store (069960.KS) has signed a memorandum of understanding with BFC Mall, a premium lifestyle shopping complex in Shanghai, to provide reciprocal VIP benefits starting this month. Customers in their 20s to 40s reportedly account for more than half of BFC Mall’s VIP base, making the partnership part of Hyundai’s effort to attract young, high-purchasing-power Chinese visitors to South Korea. Hyundai VIP customers visiting BFC Mall will receive access to an exclusive lounge, three tickets to Fosun Foundation Shanghai and personalized concierge services, including local tour consultations and priority restaurant reservations. BFC Mall VIP customers visiting South Korea will gain access to dedicated lounges at The Hyundai Seoul and the Trade Center Store, fast-track entry to luxury brand stores, three passes to ALT.1, discounts, bonus rewards points and planned seasonal cultural benefits. The agreement expands Hyundai Department Store’s global VIP collaboration network to five channels, following partnerships in Thailand, Japan, Singapore and Macau. BC Card data showed spending by Chinese nationals in South Korea rose 82.1% year on year in the first half of this year, the highest increase among all countries. Hyundai plans to seek additional partnerships with retail channels in France, the United Kingdom and Spain.