Shinsegae Group is likely to operate the Convention & Exhibition Mall (COEX Mall) for the next 10 years after it was selected as the preferred bidder.
The country’s retail conglomerate announced Friday that its Shinsegae Property was selected by the Korea International Trade Association (KITA) as the preferred bidder to operate COEX Mall and City Airport, Logis & Travel Mall (CALT Mall). It was the sole bidder.
The two parties are scheduled to sign a deal after completing due diligence and additional negotiations by the middle of the next month.
COEX Mall is the largest underground shopping center in Asia, comprising 247 stores on the 48,359 square meter site. CALT Mall, meanwhile, has 80 stores on a 10,579 square meter site.
The underground mall operated by KITA has been seeing its visitors decline after remodeling in 2014, amid the prolonged economic recession and strengthening competition from other facilities.
The deal will help Shinsegae realize its dream of establishing a shopping mall belt in the southern part of the metropolitan area, from Shinsegae Department Store’s Gangnam Branch to COEX Mall and Starfield Hanam, a shopping center it plans to open in September.
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(Source: Korea Times)