Shinsegae Group to run mall, arcade
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Following a bidding process, Shinsegae Group has become the manager for Coex Mall and the adjacent CALT shopping arcade in Samseong-dong, southern Seoul.
An official signing has taken place with the Korea International Trade Association (KITA), which owns the two venues.
The confirmation comes three months after Shinsegae Property, the shopping-mall management arm of the retail giant, was chosen as preferred bidder.
Shinsegae Group expects the lease profit to be around 66 billion won (US$58.3 million) this year.
Questions & Answers
Q.Which specific entity within Shinsegae Group will manage the mall and arcade?
Which specific entity within Shinsegae Group will manage the mall and arcade?
Shinsegae Property, the retail giant's shopping-mall management arm, will be responsible for running Coex Mall and the CALT shopping arcade. They were chosen as the preferred bidder three months ago.
Q.Who owns Coex Mall and the CALT shopping arcade?
Who owns Coex Mall and the CALT shopping arcade?
The Korea International Trade Association (KITA) is the owner of both Coex Mall and the CALT shopping arcade. They have officially signed the management agreement with Shinsegae Group.
Q.What is the expected lease profit for Shinsegae Group this year?
What is the expected lease profit for Shinsegae Group this year?
Shinsegae Group anticipates generating a lease profit of approximately 66 billion won from managing the venues this year. This equates to around US$58.3 million.
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