Gyeonggi Province, Siheung City and Shinsegae Simon agree to establish a premium outlet and to vitalize the local economy

Outlet expected to create 1,500 jobs and to attract 5 million domestic and overseas tourists annually 

◇ Gyeonggi Province Governor Nam Kyung-pil, Siheung City Mayor Kim Yoon-sik, Shinsegae Group President Kim Hae-sung, and Shinsegae Simon CEO Kang Myung-koo sign an agreement for vitalizing the local economy and for the Siheung Premium Outlet of the Baegot Urban Development Project on September 18 at Siheung City Hall. 

◇ Gyeonggi Province Governor Nam Kyung-pil, Siheung City Mayor Kim Yoon-sik, and other participants listen to explanation from Shinsegae Simon CEO Kang Myung-koo about the Siheung Premium Outlet Project.

Gyeonggi Province, Siheung City, and Shinsegae Simon will establish a premium outlet in Baegot New Town of Siheung City, the third of its kind in the province.

Gyeonggi Province Governor Nam Kyung-pil, Siheung City Mayor Kim Yoon-sik, Shinsegae Group President Kim Hae-sung, and Shinsegae Simon CEO Kang Myung-koo agreed to work together to invigorate the local economy at a signing ceremony held for the Siheung Premium Outlet of the Baegot Urban Development Project on September 18 at Siheung City Hall.

The agreement, which is a step further from the Letter of Intent signed by the three parties in April 2014, is interpreted as cementing the investment to be made by Shinsegae Simon. Among the participants who attended the signing ceremony were National Assembly Member Ham Jin-gyu, Gyeonggi Province Assembly Members Lim Byeong-taek, Choi Jae-baek, and Lee Sang-hui, Siheung City Council Chairman Yun Tae-hak, and local leaders.

Under the agreement, Shinsegae Simon will build a premium outlet on the Baegot Urban Development Project site (145,00m2) in Siheung City, Gyeonggi Province, by investing a total of KRW 250 billion by 2017. The premium outlet, whose structure will be based on the motif of a seaside village in Spain, will feature approximately 250 prestigious brands from home and abroad.

Gyeonggi Province and Siheung City expect that the premium outlet will create over 1,500 jobs and attract more than 5 million tourists from home and abroad every year. It is reported that Shinsegae and Shinsegae Simon will proceed with plans for vitalizing the local economy including the priority hiring of locals, opening stores for local specialties in the outlet, and developing a program to attract tourists by linking the outlet with Wolgot Port and Oiso.

Gyeonggi Province Governor Nam Kyung-pil said in his welcoming address that, “The most critical part of this investment agreement lies in the win-win strategies for corporations and local communities, such as creating jobs for local residents and establishing markets for local specialties. Gyeonggi Province will do its best in providing administrative support so that Siheung, a manufacturing city, can grow into a high-class city in harmony with the service industry and emerge as a hub of the west coast economic tourism belt.”

“Gyeonggi Province, Siheung City, Shinsegae Simon, and local residents all worked together and achieved a win-win outcome. I hope we all continue to cooperate and thereby create a lot of decent jobs,” added Governor Nam.

Siheung City Mayor Kim Yoon-sik said, “We’ve been able to make it this far thanks to Gyeonggi Province. Gyeonggi Province suggested building the premium outlet and provided a lot of support. We expect that the premium outlet will contribute to the local economy greatly with about 7 million shoppers visiting a year. I would like to express my appreciation to Shinsegae Simon for making such a bold investment decision despite the decline in domestic investment by conglomerates. We also expect that the new outlet will have positive effects across the city by creating a win-win situation for existing commercial districts, including those in Wolgot, and through the priority hiring of Siheung residents.”

Shinsegae Simon CEO Kang Myung-koo said, “It is a groundbreaking opportunity for us to make an investment in such a beautiful city like Siheung. As a member of the local community, we will mobilize all of our capabilities and experience to develop the site into a major attraction for shoppers and tourists and to contribute to local development.”

Premium outlets opened in Yeoju in 2007 and in Paju in 2011 attract 5 million people a year and contribute to local economic vitalization as well as job creation. Gyeonggi Province also recently agreed with Uijeongbu City and Shinsegae Simon to build a suburban-type premium outlet on a 150,000-square-meter site in Sangok-dong, Uijeongbu, through an investment of more than KRW 110 billion.

◇ Siheung Premium Outlet Site 

◇ Aerial Concept View of Siheung Premium Outlet 

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