INSPIRE Entertainment Resort (“INSPIRE”) scheduled to open on Yeongjong Island, Incheon in South Korea in 2023, entered a strategic partnership agreement for retail development with the Luxury Business Institute Korea (“Luxury Business Group”).
Luxury Business Group, a consulting firm specialised in luxury and premium business industries of fashion, cosmetics, and food & beverage, together with Inspire Entertainment Resort will cooperate on its retail development to build a lifestyle complex resort by taking the destination’s geographical advantages for both domestic and foreign customers to visit.
Through this agreement which covers the retail sector of Northeast Asia’s largest complex resort, the two companies will attract lifestyle and luxury boutiques to introduce a differentiated retail platform that combines tourism together with shopping entertainment aimed at domestic and foreign travellers, as well as casino customers.
Targeted to open in 2023, INSPIRE broke ground in May 2019 and is currently being developed on 461,661 square metres within the IBC-III region owned by the Incheon International Airport in the IFEZ Yeongjong District.
INSPIRE is poised to be Northeast Asia’s largest integrated resort. It will feature three 5-star hotel towers, an arena – 15,000-seat multifunctional performance hall, convention facilities – the largest in scale in the Seoul metropolitan area, shopping arcade including luxury brands, F&B, a climate-controlled indoor waterpark and a family park – an approximately 70,063 square metres outdoor themed area.
“Retailtainment” or Experiential Retail is a key focus area of INSPIRE’s development. Through the agreement between the two companies, INSPIRE Entertainment Resort will successfully attract luxury and premium brands and go beyond being established as a distinct destination that combines the advantages of Korea’s retail business and culture.
“With the signing of a new business agreement between INSPIRE and Luxury Business Group, who are at the forefront of global luxury retail, we expect to set up a successful retail platform strategy and sales marketing for our luxury resort on Yeongjong Island,” said Andrew Billany, Inspire’s CEO. “This will not only give an economic lift to Yeongjong Island and Incheon’s economy but also differentiate Inspire by offering high quality, curated brands and experiences throughout the resort.”
Daniel Mayran, Luxury Business Group CEO and Bluebell Korea Chairman, said, “We are pleased to take part in the development of the retail space in INSPIRE, which will be the largest integrated entertainment resort in Northeast Asia. INSPIRE will become a major destination for retail and leisure, attracting overseas consumers fond of Korea as well as domestic consumers in constant search of new trends.”
*Luxury Business Group is a strategic partner of the Bluebell Group.