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Tag: Coex Mall

  • Shinsegae Group to run mall, arcade

    Shinsegae Group to run mall, arcade

    Following a bidding process, Shinsegae Group has become the manager for Coex Mall and the adjacent CALT shopping arcade in Samseong-dong, southern Seoul.

    An official signing has taken place with the Korea International Trade Association (KITA), which owns the two venues.

    The confirmation comes three months after Shinsegae Property, the shopping-mall management arm of the retail giant, was chosen as preferred bidder.

    Shinsegae Group expects the lease profit to be around 66 billion won (US$58.3 million) this year.

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  • Coex Mall Seoul management goes to tender

    Coex Mall Seoul management goes to tender

    Outside management will be introduced for Coex Mall Seoul, which has been struggling to attract shoppers since reopening a year ago after renovation.

    Korea International Trade Association (KITA) chairman Kim In-ho says an entity to manage the mall will be named by the end of the year.

    This is being entrusted to an outsider so it can be more effectively managed, says Kim.

    “We will select the management firm in a fair and transparent manner in accordance with the law.”

    A wholly owned KITA subsidiary has been managing the mall, which has been hit by a prolonged consumption slump and intensifying competition, including eCommerce.

    “We have to ask ourselves this question: can we compete with Lotte, Hyundai and Shinsegae? I seriously doubt it,” says Kim. “I believe Coex Mall will be more efficiently managed by professionals, and generate larger profits and create more jobs.

    “KITA needs to make money from the mall to finance its work, promoting the country’s trade.”
    Meanwhile, KITA has started preparing to bid for a convention centre to be built in Jamsil Sports Complex, a few kilometers away from its Coex Convention Center.

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  • Seoul underground mall planned in giant transit zone

    Seoul underground mall planned in giant transit zone

    A massive Seoul underground mall is planned as part of a transit zone that will match Coex Mall in size.

    One whole level of the development will feature retail and restaurants.

    Comprising six underground floors, the Gangnam district complex in the south of the city will cover 160,000 sqm.

    If Seoul manages to connect the complex with Coex Mall and a new shopping mall now being built by Hyundai Motor Group, the three areas will encompass a total 420,000 sqm.

    City officials say that about 1.7 trillion won ($1.5 billion) will be allocated for the project, which is expected to serve more than 580,000 commuters daily. The funding will include private investment.

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    Seoul will come up with a master plan by the end of this month, wrap up administrative procedures by the end of this year and open public bidding for an architectural design early next year.

    More than 50 metres deep, the sixth level will service six different rail lines, from subway to KTX bullet trains. Also, 90 bus routes will pass through the area, with the transit centre on the second level.

    Because of a new high-speed train line, it will take only five minutes to travel from the complex to Seoul City Hall, now a one-hour journey.

    Several Great Train Express (GTX) lines will pass through the underground transit zone, connecting Seoul with neighbouring cities in Gyeonggi.

    City terminal services for Incheon International Airport, now provided at Coex, will probably be moved to the second basement floor of the new complex.