Shinsegae signs $52 mil deal to operate mega-sized COEX

By Park Sae-jin Posted : October 28, 2016, 18:04 Updated : October 28, 2016, 18:06

[Courtesy of COEX Mall]

South Korea's leading department store franchise Shinsegae agreed Friday to run two major shopping malls with hundreds of stores in Seoul's affluent southern area frequented by foreign visitors.

Under a 60 billion won (52.3 US dollar) deal with the Korea International Trade Association (KITA), Shinsegae will run COEX Mall and its neighboring City Airport, Logis & Travel Mall (CALT Mall) together for ten years. KITA controls a COEX exhibition center and its underground shopping mall.

Shinsegae expects 66 billion won in this year's rental revenue from the two malls that would begin in mid-November.  a major urban shopping complex

The name of  COEX Mall will be changed to "Starfield COEX Mall" under Shinsegae's efforts to operate it as the company's second integrated shopping complex after "Starfield Hanam", a mega shopping complex large enough to fit 70 football fields, which opened in September.

Shinsegae will create an open library in COEX Mall's central plaza, forming a multi-cultural complex for visitors and gradually turn the mall into a landmark in southern Seoul.

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