Shinsegae Department Store will open a second branch in Daejeon, Korea on 27th August.
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At 284,224 square meters, it is to be the brand’s third-largest store in South Korea.
The new location, called Shinsegae Art & Science, will consist of a department store and the 193-story Shinsegae Expo Tower, furnished with an aquarium, science exhibition spaces, a multiplex cinema and an indoor sports theme park.
The tower will also feature a five-star hotel called “Onoma”. It is to be the first hotel launched by a department store.
Both the store and the tower were designed by internationally renowned designers and architects including Rockwell, the designer behind the famous MGM hotel chain.
Local media outlets expect the complex to create more than 20,000 jobs.
“In five years, we have opened a new branch in Daejeon. The space is filled with brands specialized for the region based on the big data we accumulated over the years. We expect the department store to become a landmark representing the central region of South Korea,” said Cha Jeong-ho, CEO of Shinsegae International.
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Shinsegae is the second-largest department store retailer in Korea with 12 branches nationwide. The company posted US$428.79 million in sales and US$70.4 million in operating profit for the first quarter this year.
(Source: Korea Herald)