Attracting Gyeongsan Hyundai Premium Outlet, Scheduled to Open in 2028
A premium shopping mall affiliated with Hyundai Department Store is set to be built in Gyeongsan, Gyeongbuk.
This mall will be located on the second phase site of the Gyeongsan Knowledge Industry District, and Hanmu Shopping has been selected as the final operator. Aiming for an opening in 2028, this outcome was achieved after fierce competition with Shinsegae Simon.
This large shopping mall is expected to have a significant impact on the local economy in the future.
Attracting a Large Premium Shopping Mall in Gyeongsan Knowledge Industry District
In the selection process for the operator to attract a large premium shopping mall to the Gyeongsan Knowledge Industry District, Hanmu Shopping, affiliated with Hyundai Department Store, has been selected as the final successful bidder, surpassing Shinsegae Simon.
Gyeongsan Knowledge Industry Development Co., Ltd. announced a public competition bidding in December last year and accepted bids until January 18 of this year. As a result, Hanmu Shopping proposed an amount of 994.5 billion won, which exceeded the initial bidding standard price of 56.6 billion won.
This selection is expected to have a positive impact on the development of the Gyeongsan Knowledge Industry District and the revitalization of the local economy.
Location and Status of Distribution and Commercial Facilities
The site for the Hyundai Premium Outlet located in Sowol-ri, Wachon-myeon, Gyeongsan, is designated for distribution commercial facilities, covering an area of approximately 109,228 m². After receiving approval for a change in development plans from the Ministry of Trade, Industry, and Energy, final approval for the implementation plan was completed in December last year.
Gyeongsan city is in a geographically advantageous location adjacent to the four metropolitan areas of Daegu, Gyeongbuk, Ulsan, and Gyeongnam. This allows it to secure approximately 5.6 million consumers within a 50km radius, leading to high growth potential for the distribution and shopping industry. These factors will greatly assist Hyundai Premium Outlet in successfully establishing itself.
Attraction Process and Community Efforts
The success of Gyeongsan city in attracting a large premium shopping mall is a result of persuading the central government and political circles of the necessity for a change in development plans. The change in land use for distribution commercial facilities, which had been stagnant since 2020, was actively pursued after the inauguration of Mayor Cho Hyun-il in the 8th civil election.
In addition, strong support from the community played a significant role in the attraction process, including delivering over 160,000 signatures collected through a civic petition campaign to the Ministry of Trade, Industry, and Energy. These combined efforts have brought about new commercial facilities to Gyeongsan city.
What Will the Gyeongsan Hyundai Premium Outlet Look Like?
After signing a contract for allocation with Hanmu Shopping on February 28, Gyeongsan city will begin serious negotiations aiming for an opening in 2028. This shopping mall will be differentiated from existing large outlets, creating a complex shopping space that combines culture and tourism beyond just a shopping area.
Customers will not simply leave after shopping, but will enjoy a prolonged experience, with various entertainment options available.
The Gyeongsan Hyundai Premium Outlet is likely to establish itself as a new shopping hub in the Daegu-Gyeongbuk region, which is expected to have a positive impact on local economic revitalization and job creation.
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