In the battle of Korea's retail giants, Hyundai, Shinsegae, and Lotte are strong rivals. One outcome of this competition is the construction of new upscale retail centers.
Shinsegae is planning on a new bold venture in Busan.
As noted in the Korea Herald...
Shinsegae Co. will hold a groundbreaking ceremony today for its urban entertainment center project - earmarked to be the nation's largest multiplex shopping center - in the southern port city of Busan.
The multiplex shopping center will be established in Centum City, an endeavor of Busan city aimed at creating a center of leisure and entertainment in the Haeundae area of the country's second-largest city.
The first phase of Shinsegae's two-stage project will cover land space of about 297,000 square meters, where in which the department store, a multiplex theater and recreational facilities, among others, will be built. It is scheduled to open in 2008.
The completion will mark the establishment of the first Shinsegae Department Store in Busan. The nation's third-largest retailer currently has seven department stores in four areas: Seoul, Gwangju, Incheon and Masan. The second phase, which covers an area of 165,000 square meters, will enter construction in 2009.
Shinsegae said its 1.03 trillion won investment is expected to help create jobs in Busan, improve the tourism industry and boost import volume. The retailer projects an economic benefit of about 8 trillion won to fall on the city.
"We look forward to strengthening Shinsegae's image as a major retailer (in Korea) by establishing a world-class multiplex shopping center, and we will also make it an opportunity to bloom into a global retailer," Koo Hak-su, Shinsegae chief executive officer, said in a statement.
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