Around US$100 million (approximately KRW110 billion) will be invested in a premium outlet to be built in Uijeongbu City of Gyeonggi Province.

On the 12th, Governor Kim Moon-soo, Uijeongbu City Mayor Ahn Byung-yong, Shinsegae Group Vice Chairman Chung Yong-jin, Shinsegae Group President Kim Hae-sung and CEO of ShinsegaeᐧSimon Kang Myung-koo signed an LOI (Letter of Intent) at the head offices of Shinsegae for the development of a premium outlet .

ShinsegaeᐧSimon is a joint venture company formed between Simon Property Group, a US company that operates world-class premium outlets, and Shinsegae Group. Under the LOI, ShinsegaeᐧSimon will invest more than US$100 million (approximately KRW 110 billion) to build a premium outlet in Uijeongbu City.

Governor Kim, in a greeting message, said, “When the premium outlet is built in Uijeongbu City, we expect it to have a huge ripple effect on revitalizing the local economy. And we will provide all administrative support for the project to move forward successfully and for Uijeongbu City to become a leading city in the service industry.” Governor Kim added, “I hope Shinsegae Group, based on the trust it has with Gyeonggi Province, will continue with its win-win management that coexists with local businesses.”

Uijeongbu City Mayor Ahn Byung-yong said, “We expect the new premium outlet in Uijeongbu City to contribute to creating new jobs in the area, revitalizing the local economy and having a huge effect on attracting foreign visitors”.

Shinsegae Group Vice Chairman Chung Yong-jin expressed his hopes by saying, “We will build a premium outlet that will be truly a suburb-type outlet that will blend with the beautiful natural scenery of the Northeast part of Gyeonggi Province so that it will become a shopping-tourism site that will be beyond just a shopping destination, where domestic and foreign visitors will feel emotionally satisfied as well as enjoy their shopping experience”. 

The premium outlets that opened in Yeoju and Paju in 2007 and 2011, respectively, are visited by around 5 million people annually and have contributed to both revitalizing the local economy and creating new jobs.