Shinsegae Department Store to build new landmark in Suseo

Shinsegae Department Store will build a new department store in the envisioned Suseo Station Transit Center Complex, the company said Friday.

According to the retail giant, a consortium led by Hanwha Engineering and Construction and participated in by Shinsegae has been chosen as the preferred candidate for the Suseo Station Transit Center Complex Development Project, which is worth about 1.2 trillion won.

The Suseo Station Transit Center Complex Development Project aims to develop a 115,927-square-meter site around the SRT Suseo Station in Gangnam District, Seoul, into a complex of commerce and businesses.

The Hanwha E&C consortium includes Shinsegae and KT estate, and its general investors are Korea Investment & Secutities, Mirae Asset Securities, IGIS Asset Management and Heritage Capital Management, Shinsegae said.

It is the second time the department store is participating in a project involving a train transit complex. In 2016, the company opened a department store branch at Dongdaegu Complex Transfer Center at Dongdaegu Station in Daegu, the retailer said.

For the envisioned department store in Suseo, Shinsegae said the operating area would be about 83,000-square-meters, and it would become its second largest department store after its Gangnam Branch.

“This project holds the great potential to develop the southeast area of Seoul and the surrounding Metropolitan area as a regional hub,” Shinsegae Department Store Chief Executive Officer Cha Jeong-ho said.

“We will successfully launch a new landmark department store there by with our knowhow in the retail industry and with our ‘innovative DNA.’”

By Jo He-rim (herim@heraldcorp.com)