Yeoju Premium Outlet Will Expand Its Area by Two-Fold
(Published November 14, 2011)

-Governor Kim visits the US and signs a KRW 70 billion investment MOU with Shinsegae Chelsea
-Two-fold area expansion by 2014, enhanced presence for agro-specialty store

– Shinsegae Chelsea CEO Choi U-yeol, Simon Chelsea CEO John Klein, Gyeonggi Province Governor Kim Moon-soo, Yeoju Mayor Kim Chuk-seok, and Shinsegae Group Management Strategy Head Heo In-cheol (from left) pose for a commemorative photo after signing the agreement at the ‘Shinsegae Chelsea Yeoju Premium Outlet Expansion MOU Signing Ceremony’ at the Las Vegas Premium Outlet, USA, on November 13^th (local time). (G-News Plus)

Yeoju Shinsegae Chelsea Premium Outlet will be expanded by two-fold

Gyeonggi Province Governor Kim Moon-soo visited the USA from November 12^th to 17^th on a six-day mission. On the 13^th (local time), he signed the USD 67 million (approximately KRW 70 billion) Shinsegae Chelsea Yeoju Premium Outlet Expansion Investment MOU with Simon Chelsea CEO John Klein, Yeoju Mayor Kim Chuk-seok, Shinsegae Vice President Heo In-cheol, and Shinsegae Chelsea CEO Choi U-yeol at the Las Vegas Premium Outlet.

Per the agreement, the Yeoju Premium Outlet will be expanded to 462,700 square meters (approximately 140,000 pyeong) by 2014 from its current area of 264,400 square meters (80,000 pyeong). The retail area will also be expanded by 24,750 square meters (7,500 pyeong), a two-fold increase from 25,800 square meters (7,800 pyeong) to 50,550 square meters (15,300 pyeong). Additionally, 110 new stores will be added to the current 140 stores for a total of 250 stores.

The Yeoju agro-specialty store, currently occupying a 150 square meters (50 pyeong) area, will be significantly expanded by 10-fold into a 1,650 square meters (500 pyeong) space. Of particular note, the agro-specialty store will be donated to Yeoju County after its expansion. The store is to become the largest eco-friendly distribution complex in Asia.

Gyeonggi Province and Yeoju County will support related certification and permission procedures so that Yeoju Premium Outlet can expand and operate as planned. The premium outlet will also be linked with nearby tourism resources such as the South Han River, Silleuk Temple, and the Royal Tomb of King Sejong to attract domestic and foreign tourists. In addition, the province will hold a ‘Gyeonggi-Shinsegae Job Fair’ in early 2014 to directly hire 700 and indirectly hire 2,000 employees.

The province expects that the expansion of the Yeoju Premium Outlet will draw more than 6 million domestic and foreign tourists every year. At the MOU signing ceremony, Governor Kim said, “Shinsegae Chelsea decided to create a large-size agro specialty store and donate it to Yeoju County. We thank them for their win-win management with the region.” He proceeded to add, “We’ll actively support the outlet so that it becomes the biggest shopping tourist site of Asia, where companies and regional societies mutually aid one another.”

Yeoju Premium Outlet opened in June 2007 in Yeoju-eup of Yeoju County. It has now become a famous shopping attraction with more than 4 million domestic and foreign shoppers and tourists visiting annually. The province also invited a premium outlet to Paju this past March.

Shinsegae Chelsea is a foreign-investment corporation co-founded by the largest premium outlet development and management company in the world, Simon Chelsea Property Group, and Korea’s representative distribution company, Shinsegae,with 50:50 shares.

– After the MOU signing ceremony, Governor Kim and Simon Chelsea CEO John Klein engage in friendly conversation while looking around the Las Vegas Premium Outlet. (G-News Plus)

– G-News Plus | Nam Gyeong-u echo2008@kg21.net

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