Lotte Shopping Co., South Korea’s biggest shopping mall owner, is going to build Asia’s largest Lotte Premium Outlet in the East Busan Tourism City in Gijang County of Busan, the company said in a groundbreaking ceremony on Monday. The total construction cost for the project on a 200,000-square-metre would be about KRW424.7 billion.
The outlet will consist of a four-story premium outlet building, a 17,000-square-metre shopping promenade, a 9,000-square-metre discount store, and a six-theatre multiplex facility. It will also have a parking space capable of holding 4,000 vehicles. The premium outlet will host as many as 500 brands from overseas and home.
The shopping district, which is expected to open next year, would have a positive effect on the regional economy while creating a lot of jobs.
"The number of foreign tourists from China and Japan will rise to about 300,000," the company said in a statement.