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Title Shinsegae to construct suburban shopping mall at Baekun Lake in Uiwang, Gyeonggi Province

(Seoul-Yonhap News) Yoon Jong-seok = Shinsegae Group will construct a suburban general shopping mall at a site near Baekun Lake in Uiwang City, Gyeonggi Province by 2016.


Shinsegae plans to construct suburban shopping malls similar to Hanam General Mall at 10 locations nationwide after 2016.


On July 31Shinsegae Group signed a memorandum of understanding on investment to construct a general shopping mall at Baekun Knowledge Culture Valley in Uiwang at Chosun Hotel. In attendance at the event were Shinsegae Vice Chairman Chung Yong-jin, and Uiwang Mayor Kim Seong-je.


The conglomerate plans to secure a 100,000 square meter land at the Baekun Knowledge Culture Valley Urban Development Project district and construct a large shopping mall that integrates shopping, entertainment, culture, and leisure facilities by 2016.   


The company plans to invest more than 400 billion won in the construction of the shopping mall.


The area offers a clean environment as it is surrounded by Mt. Baekun, Mt. Cheonggye, and Mt. Bara natural forests. The area is also situated only 20 to 30-minutes away from Sadang, Seoul, and has easy access to Uiwang-Gwacheon Highway and the Seoul Belt Way.    


Shinsegae expects that when the general shopping mall is completed, it will generate some 4,000 jobs for local residents, and attract more than 10 million tourists from China and Japan per year.


Shinsegae Group also plans to construct suburban shopping malls in Hanam and Anseong in Gyeonggi Province, and in Incheon, and Daejeon beginning in 2016, and is making preparations accordingly.


Apart from the Uiwang shopping mall, the business group also plans to construct suburban shopping malls at an additional five sites, and is seeking locations.


If the plans are implemented, Shinsegae will run a total of 10 suburban shopping malls after 2016.


Suburban general shopping malls reflect Shinsegae’s retail business strategy, in which the retail giant seeks to create a “Lifestyle Center,” or a general culture space where one can enjoy eating and have fun, rather than a place where visitors simply purchase products.  


Premium outlets are located about 40 to 90 kilometers away from city centers, whereas a suburban general shopping mall is about 10 to 20 kilometers away.


Shinsegae Vice Chairman Chung Yong-jin said, “The retail business’ competitors are theme parks such as Everland and baseball parks,” adding, “The vision of our suburban general shopping mall is to pursue Life Share, Time Share, and Wallet Share.”


Chung said, “If we develop suburban general shopping malls in 10 places nationwide, and fully utilize Shinsegae’s retail contents, we will have a strong competitive edge.”


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