GS Retail Partners with Real Estate Development Startup to Build 'Comprehensive Beauty Platform'

[Asia Economy Reporter Minyoung Cha] GS Retail is partnering with real estate development service startup Archive Corporation to launch a comprehensive beauty platform.

On the 28th, GS Retail announced that it has signed a strategic business partnership to collaborate with Archive Corporation from the commercial real estate product planning (MD) stage currently under development.

Archive Corporation is a Proptech (a compound of Property and Technology) startup that plans, develops, and operates content for commercial real estate. In January, it opened 'Salon Forest,' the largest shared beauty salon in Korea, located in Yeoksam-dong. It is also preparing the country's first beautyplex, which includes various beauty content, personal training (PT), a flower shop, and community functions.

GS Retail highly values Archive Corporation's expertise in planning and operating commercial facility content. In particular, GS Retail operates lifestyle brands such as its core convenience store GS25, supermarket GS THE FRESH, and H&B (Health & Beauty) store Lalavla, and expects to create synergy with Archive Corporation's beauty platform.

GS Retail is currently undertaking various development projects, including the 76,000-pyeong (approximately 251,000 square meters) 'I-Square' project in Pangyo Second Techno Valley, and Archive Corporation plans to collaborate to implement content in the form of a comprehensive beauty platform for projects promoted by GS Retail.

Lee Chang-yeol, CEO of Archive Corporation, said, “We believe that the real estate developed by GS Retail and the brands it operates have many points of contact with the beauty platform we operate, creating mutual synergy. We look forward to successfully opening the country's first beautyplex currently in preparation and leading the offline lifestyle market together with GS Retail.”

Park Jung-kyu, Head of MD General Team at GS Retail’s Development Business Division, said, “This business agreement was signed to create new value by adding GS Retail’s network and know-how to the new type of beautyplex planned by Archive Corporation. GS Retail will make multifaceted efforts to build and lead the development of a healthy and positive shared economy platform culture together with Archive Corporation, which is growing based on the values of coexistence and sharing.”