High Fashion Outlet Opens in Paju

Shinsegae Chelsea Premium Outlet Branch No. 2 opens March 18th at Tongil Dongsan; a result of the province’s efforts to attract investment, stimulate local government, and create jobs.

An international-caliber premium outlet opened in Paju City on March 18th and is expected to contribute significantly to the local economy in the northwest region of Gyeonggi Province.

The outlet is Shinsegae Chelsea’s second premium outlet in Gyeonggi Province, the first being in Yeoju City, where consumers can purchase local and international brand items at discounted prices.

Tory Burch, Armani, Jill Sander, Coach, Boss, Calvin Klein, and other renowned high-end brands are available along with Time, Mine, Obzéé and other Korean brands. The shopping complex consists of 164 venues categorized under sports wear, home and living, shoes and accessories, inner wear, cosmetics, and restaurants.

The new outlet, located in Tongil Dongsan, Paju City, is a two-story, one-basement structure built on a 86,172§³ lot. The entire project including land cost KRW 150 billion, of which approximately KRW 100 billion (about USD 80 million) was secured through foreign investment.

The square – with its fountain, clock tower, kiosk, and other facilities – was designed in the Art Deco style to enhance the exotic and sophisticated atmosphere within the shopping complex. The outlet is expected to become a popular tourist attraction.

This outlet is a good example of Gyeonggi Province’s successful efforts to attract investment. The province signed an LOI with Shinsegae Chelsea on November 11, 2007, and designated a location in March 2009. Woodbury Common Premium Outlet of New York also inked a KRW 100 billion investment agreement in September of the same year. The project picked up soon afterwards, and within 18 months the second outlet was ready to open with the completion of all necessary administrative and construction work.

The key advantage of this outlet is that it is located within a large trading area with over two million residents and in close proximity to Incheon International Airport. Imjingak Pavilion and the Heyri Art Valley are also situated nearby, making it a prime destination for package tours. The government is expecting to see over four million visitors each year.

The outlet has also generated numerous jobs. Over one thousand people, including eight hundred Paju residents, were hired during the premium outlet’s recruitment drive this January. An official estimated that a whopping eight thousand and forty new jobs were created in total.

It is apparent that the outlet has stimulated tourism and the local economy in the northwestern region of Gyeonggi Province.

Governor Kim Moon-soo attended the opening ceremony on March 18th and remarked in his speech that “Koreans no longer have to travel abroad for good shopping. There are better products and better deals right here in our home country. The outlet will become a must-visit spot for Japanese and Chinese tourists who visit Korea. The second outlet will have a positive effect on the local economy as was the case with the first outlet in Yeoju.”

Paju City Mayor Lee In-jae, National Assembly Member Hwang Jin-ha, Shinsegae Chairman Koo Hak-su and Vice Chairman Chung Yong-jin as well as Chelsea Premium Outlet Centers President John Klein (US) also attended the opening ceremony. They witnessed the tape-cutting ceremony and then toured the shopping complex.

This is the second premium outlet built according to US standards by Shinsegae Chelsea Co., Ltd, a joint corporate body owned by the largest real estate company in the US, Simon Property Group, and Shinsegae, a pioneer in local distributing. The brand power and marketing know-how of a famous US outlet and the development and management experience of a local giant distributor has taken the Korean market by storm.

Their first venture opened June 2007 in Yeoju City; it generates KRW 500 billion in revenue per annum and employs three thousand people. Four-hundred-thousand overseas tourists visit the outlet each year.

Nam Gyeong Woo reporter/ echo2008@kg21.net

http://gnews.gg.go.kr/news/news_detail.asp?number=201103181759217055C052&s_code=C052&newsType=N