GWANGJU < invest Korea

According to Yonhap News,

Gwangju-si would form an organization dedicated to attracting complex shopping malls, which has emerged as a critical issue in the local community, and planning a model for one month.

Gwangju's spokesperson gave a briefing on July 12 and said, "We will set up and operate a task force (TF) related to the complex shopping mall."

The TF is to run for one month, headed by the director of Culture, Tourism and Sports Office, participated by the directors of such offices as the city planning, the housing policy, the people’s livelihood economy, among others.

Gwangju-si named it 'National Support type complex shopping mall TF,' expressing its intention to focus on devising a measure to draw national support.

Gwangju-si said that the TF would stipulate the model, function, and character of a complex shopping mall with three factors, including private capital investment, fast administrative approval and permission, in addition to the national support.

The TF is to hold its first meeting this afternoon to discuss future operation plans.

With regard to the construction of a complex shopping mall, which emerged as Gwangju's local issue during the presidential and local elections, the competition is intensifying as Hyundai Department Store Group's declaration to build 'The Hyundai Gwangju' and then 'retail big three' including Shinsegae and Lotte joining.

Gwangju's mayor recently announced that he would propose the format of a complex shopping mall to be pushed for by Gwangju-si at the Budget Council scheduled for July 18 with the People Power Party.

The city expects that the approval period could be shortened by utilizing pre-negotiation system, if the city propose the format of a new shopping mall which would make investors submit proposals based on it or release to the media.


sangwon700@yna.co.kr

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Source: Yonhap News (July 12, 2022)