Governor Kim attracted premium outlet in Siheung.
(Published April 22, 2013)

[Gyeonggi Province investment promotion delegation ③] Shinsegae concluded a USD 100 million of LOI with Simon Group.
The outlet, the fourth premium outlet in Korea, will be completed by 2015 in the 50,000 pyeong site of Siheung.

◇ At the premium outlet in Tulalip of Washington state, the concluding ceremony of Letter of Intent (LOI) was held on April 19 (local time) in the presence of Gyeonggi Province Governor Kim Moon-soo, Siheung City Mayor Kim Yoon-sik, Simon Group Senior Vice-president Mark Silvestri, Shinsegae Vice-president Kwon Hyeok-gu, and Shinsegae Simon President Kang Myeong-gu. ⓒ G-News

Shinsegae Simon Premium Outlet, which has led the premium outlet sectors in Korea, is expected to open the fourth outlet in Siheung.

At the premium outlet in Tulalip of Washington state, Gyeonggi Province Investment Promotion Delegation held the concluding ceremony of Letter of Intent (LOI) in the presence of Gyeonggi Province Governor Kim Moon-soo, Siheung City Mayor Kim Yoon-sik, Simon Group Senior Vice-president Mark Silvestri, Shinsegae Vice-president Kwon Hyeok-gu, and Shinsegae Simon President Kang Myeong-gu (the joint corporation of Shinsegae and Simon Group, the parent company of Chelsea Outlet) in on April 19 (local time).

According to the agreement of the day, Shinsegae and Simon Group will open the third Shinsegae Simon Premium Outlet in Gyeonggi Province, and the fourth in the nation, by 2015 in about 50,000 pyeong site in Siheung City by investing USD 100 million in total.

At the event, Governor Kim Moon-soo said, “I want to express my thanks to Shinsegae and Simon Group for creating a thousand jobs for young adults by making a massive investment.” He also said, “I expect they will further invest for creation of young men’s jobs and in developing distribution industry of Korea.”

Simon Group Vice-president Silvestri answered, “I’d like to pay my thanks to Gyeonggi Province for actively cooperating with us from site searching to fast treatment of various administrative processes.” He also said, “We will expand investment in Korea by opening new branches and expanding the existing outlets in an active way.”

After Shinsegae Simon launched a premium outlet in Yeoju in 2007 for the first time in the nation, it is aggressively expanding investment recently against the chase of latecomers by opening Paju branch in 2011 and planning to open the third branch in Gijang of Busan City next year. It is also planning to expand Yeoju branch to the largest scale among Asian countries as well as investing in new branches. In fact, it is heatedly expanding the existing branches such as Paju branch by increasing to 220 separate shops.

Considering yearly 5.5 million visitors to Yeoju Premium Outlet and 5 million to Paju Premium Outlet, Siheung branch, when it is launched, will expectedly have the similar number of visitors, thereby significantly contributing to job creation and regional development of Southwest region of Gyeonggi Province.

With regard to the investment attraction of this time, Gyeonggi Provincial Economic Investment director Jeon Seong-tae forecasted, “As Siheung has good geographical conditions, for example, 20 minutes from Incheon Airport and Songdo International City, when the premium outlet is launched, it will considerably contribute to attracting foreign shoppers and vitalizing the regional economy.”

Meanwhile, Shinsegae Simon will reportedly hold a large-scale job exhibition to recruit employees before the opening of Siheung Outlet in 2015.

◇ Governor Kim Moon-soo tours Seattle Premium Outlet following the guide of the outlet manager after the concluding ceremony. ⓒ G-News

ⓒ Gyeonggi G-News | Nam Gyung-woo echo2008f@gg.go.kr

http://gnews.gg.go.kr/news/news_detail.asp?number=201304221107337055C052&s_code=C052