GWANGJU < invest Korea

According to Pulse by Maeil Business News Korea,

Hyundai Department Store Group and Shinsegae Group are competing over a new mega shopping mall project in South Korea’s southwestern city of Gwangju, while Lotte Group has taken a more cautious stance.

Hyundai Department Store Group has proposed to the Gwangju city government to build a shopping complex with a total floor area of 300,000 square meters in northern Gwangju. Its plan is to establish a shopping town with a shopping mall, a luxury hotel, and a movie theater, which connects to baseball-themed streets and a park featuring the city’s modern history.

It would be the retailer’s return to the city in a decade. Hyundai Department Store closed its last store in the city in 2013.

Its rival Shinsegae Group currently operates a department store in central Gwangju. The retail giant is proposing to build a new shopping mall, tentatively named Starfield Gwangju, as well as expand the current Shinsegae Department Store in the city. The company has submitted a plan of purchasing roads around the existing department store and constructing new roads, including underground roads.

Shinsegae plans to build its Gwangju outlet as the main luxury shopping center of the southern part of the country.

Lotte Group, meanwhile, has reiterated that it’s reviewing plans for the shopping mall project in Gwangju, although internally it has already completed due diligence on potential sites.

By Hong Sung-yong and Cho Jeehyun

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Dec. 12, 2022)