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[Alpha Biz=(Chicago) Reporter Kim Jisun] Gwangju Shinsegae will turn the Gwangju Bus Terminal area into a landmark complex.
Gwangju Shinsegae said on the 28th that it has signed a memorandum of understanding (MOU) with Gwangju City and Kumho Express to develop a new landmark department store to participate in the project at Gwangju Metropolitan City Hall in Naebang-ro, Seo-gu. Shinsegae established a local corporation called Gwangju Shinsegae in 1995 for rapid local settlement.
Gwangju Shinsegae plans to build "Shinsegae Art & Culture Park (tentative name)," a landmark department store that adds Shinsegae's Gangnam branch's "high-quality", Busan's Centum City branch's "super-large" and Shinsegae's "culture and art" elements to the 109,000-square-meter (about 33,000 pyeong) terminal site owned by Kumho Express. We are aiming to open in 2028.
There will be galleries, media art walls, large open bookstores, rooftop parks, rooftop restaurants, pet parks, and super-large natural lighting spaces throughout the department store. There will be more than 1,000 brands. The development project cost is 900 billion won, which is one of the largest projects of Shinsegae Group.
Shinsegae expects the completion of Shinsegae Art & Culture Park to become the second-largest department store after Shinsegae Department Store's Centum City branch, which is listed in the Guinness Book of World Records as the world's largest department store.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
