The mother company of today's Samsung stood at No. 61-1 Ingyo-dong Daegu. Samsung Trading was established in a small wooden building in 1938 and began its initial operations that would eventually give birth to Samsung, one of the most dynamic global conglomerates today. As a small root grows into a robust tree and a small spring flows to become a mighty river. Samsung set its sight from this simple beginning to transform itself into a name now renowned around the world. We vow to remember and instill that very same spirit in all of our endeavors. Before establishing Samsung Trading, founder Byung-chul Lee (1910-1987, pen name: Ho-Am) traveled extensively throughout Korea as well as to Manchuria, Beijing, and Shanghai. Subsequently he decided to engage in trading which required relatively little capital, and opened Samsung Trading Company on March 1, 1938 at a corner of the Seomun Market, the center of Daegu's commercial hustle and bustle. Located proximate to the Seoul-Busan rail line and to national roads stretching to towns and cities in all directions, the market served as a key supply and distribution center for daily necessities, agricultural products, marine products, textiles, and livestock. Following liberation from the Japanese occupation in 1945, Samsung Trading rapidly grew into Samsung Corporation and moved to Seoul after nine years of success and development at the Seomoon Market site. 'Samsung' is the Korean pronunciation of two Chinese characters representing 'three' and 'star'. Founder Byung-chull Lee chose the 'three' to stand for 'big, strong, and everlasting', and 'star' to represent a lofty, eternal, brightly shining entity for the world. The name aptly demonstrates how far-reaching Chairman Lee's aspirations were. As Samsung continued to grow, newly established companies often featured either 'Cheil' (First) or 'Joongang' (Central) as part of their name to reflect the determination to become leader or center of their respective industries. On the first floor of Samsung Trading, a motor room, a noodle-making machine, and a flour mill occupied the right side while a reception room, a traditional ondol heated floor, and an office occupied the left side. A warehouse to store sacks of flour and noodles stood at the rear, and noodles were hung to dry on the second, third, and fourth floors of the building. With a single telephone and forty employees, Samsung Trading began by directly procuring fruits, vegetable, and dried maritime products from surrounding communities and exporting these to Manchuria and Beijing. The company also maximized use of its flour mill and noodle production 'Byeolpyo Guksu' (Star Noodles). Demand was so great that lines of wholesaler and retailer bicycles and oxcarts often depleted the company of its supply. Instead of purchasing a house, Chairman Lee moved his family into a corner room of the building where they lived for years so that he could reinvest all profits into the company to guarantee success. Upon liberation in 1945, Chairman Lee realized his new calling, as a businessman of a newly independent nation. From that moment on, Samsung has cultivated the spirit of 'serving the nation through business activities'. 'It seems to me that true happiness can be found when one realizes what his purpose in life is. I was fortunate to live my entire life as an entrepreneur and I never once wavered from my determination to serve the nation through corporate activities.' (From My Managerial Philosophy, Byung-chull Lee, FKI Monthly Magazine, November 1976) Chairman Lee, who was born in the year of the Japanese annexation of Korea and grew up under Japanese rule, dedicated his entire life to the economic development of his nation through a diverse range of corporate activities. THE ARCHITECTURAL VALUE - Samsung Trading Company's home, built in 1934, was 13-meter-high 4-story building with one basement level. It stood prominently among simple stalls and stands that lined the streets and alleys of Seomun Market. In contrast to the popular brick and concrete building of Seoul, it cleverly incorporated a combination of traditional Korean hanok architecture and wooden structure. The original structure weathered the vagaries of history and economy trends for more that six decades and was considered of immense architectural value. However, in danger of collapse due to the ravages of time, it was finally torn down in September 1997. A commemorative structure was erected on the original site of Samsung Trading Company to identify and preserve the historical importance of the company in the nation's rapid economic development.

Type of Data Point - Publicly Available Information

Site of Samsung Trading Company - Public Info

Visit page of the element - Site of Samsung Trading Company

Inserted: 04-10-2022 08:10:55