The Hyundai department store is preparing to open a mega mall in Gwangju, which will be the first in the city if the plan materializes.
The company announced on Wednesday that it was in talks with Humans Holdings, a property development company, to build a mega mall in Gwangju.
Mega malls are big, of course, with retail stores but also restaurants, theaters and sometimes hotels. Coex and Shinsegae’s Starfield Mall are some examples.
Hyundai Department Store plans to build a mega shopping center on 310,000 square meters (3.3 million square feet) of land in Buk District, Gwangju. The land was previously used as a textile factory and was purchased by Humans Holdings in 2020 for 685 billion won ($525.5 million) after the factory closed.
The mall was given the tentative name The Hyundai Gwangju, after The Hyundai Seoul, the Hyundai department store shopping complex in Yeouido, western Seoul.
The Hyundai department store says the Hyundai Gwangju will have shopping and entertainment venues.
Humans Holdings will submit a development plan to the city in the coming weeks.
If the complex is built, it will be the first in Gwangju.
President Yoon Suk-yeol had also pledged to support a mega-mall in the city during his election campaign in February. Department store Hyundai said it had been considering a mega mall in Gwangju for several years.
In 2015, Shinsegae signed a memorandum of understanding with the city to build a hotel and shopping mall complex, which is supposed to be Gwangju’s first mega shopping mall. The plan was scrapped due to protests from small business owners and civic groups.
BY LEE TAE-HEE [[email protected]]