Retail in Asia


Shinsegae bets big on Starfield Hanam

Starfield Hanam by Taubman Asia - Retail in Asia

Shinsegae is betting big on Starfield Hanam, the so-called shopping-themed entertainment park, southeast of Seoul, to outdo its arch rival Lotte amid the prolonged domestic consumption slump.

Starfield Hanam, the nation’s largest shopping complex by floor space, aims to attract shoppers in Seoul and Gyeonggi Province where more than half of Korea’s 52 million people reside, according to Shinsegae officials.

They say the mall will earn more than 820 billion won (745 million) in sales during its first year, adding that Shinsegae will open more such facilities in the coming years, nurturing the Starfield brand as its new growth engine.

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“Starfield Hanam has everything that shoppers are looking for in one place,” Yim Young-rok, vice president of Shinsegae Property. “We have a department store, luxury brand shops, an electronics store, automobile showrooms, a water park, a cinema, a food court and many more places that enable us to provide a great shopping experience.”

It is built on an 118,000 square-meter site in Hanam, Gyeonggi Province, housing 750 brands, ranging from fashion and cosmetics to food and electronics. Its floor space totals 460,000 square meters, the largest among shopping centres in Korea.

It will attract more than 12 million visitors annually, including Chinese and Japanese tourists, the vice president said, adding that it has created more than 5,000 new jobs.

Using the success of Starfield Hanam, Shinsegae and its business partner Taubman, the U.S.-based shopping mall developer, plan to build two more shopping complexes, in Goyang, Gyeonggi Province, and Cheongna International City in Incheon.

(Source: Korea Times)