[View of 'Aquapetland' for sale in Siwha MTV, Siheung-si, Gyeonggi in April / Photo by Aquapetland Co., Ltd.]
The importance of concepts in commercial markets is growing. As attracting visitors and extending their stay time have become crucial factors in recent commercial markets, investors are showing interest in commercial spaces that incorporate concepts such as traditional, kids, and medical themes.
Recently, consumer trends have shifted primarily online. As long as there is internet access, people can easily order goods online. Additionally, with the development of delivery services, the variety of deliverable food has increased, causing foot traffic to gradually decline in offline stores lacking distinctive features.
Consequently, the real estate industry has judged that it is difficult to generate profits solely based on location or surrounding demand?previously key investment points in commercial markets?and has begun to launch commercial spaces with concepts designed to attract people and extend their stay time.
For example, differentiating a commercial space by attracting a famous kids caf? to create a kids life concept mall, establishing a medical complex mall by bringing in hospitals, or developing a specialized food town mall by attracting renowned chef restaurants. These concept-applied commercial spaces have become local landmarks and gained fame.
In fact, the Grand Seoul Cheongjin Shopping Street located in Jongno-gu, Seoul, features an exterior and environment modeled after Pimatgol. Pimatgol was a back alley in the Joseon Dynasty where high-ranking officials avoided encountering commoners or lower-ranking officials while passing through the main street of Jongno. Grand Seoul preserved the space between its two buildings to revive the historical image of Pimatgol. Additionally, by hosting famous restaurants featured in the popular food comic "Sikgaek (食客)," it has transformed into a representative F&B commercial space in Jongno.
At Lotte World Mall in Jamsil, Songpa-gu, Seoul, the concept "Seoul Seoul 3080" was applied successfully to attract customers. Seoul Seoul 3080 recreates the streets of Jongno in the 1930s and Myeongdong in the 1960s to 1980s. It adds fun elements by modeling famous nostalgic buildings such as the country's first cinema, "Umigwan," allowing visitors to enjoy viewing and taking photos while spending time.
Common Ground near Konkuk University Station in Gwangjin-gu, Seoul, transformed into a playground for young people beyond just a sales space by adopting the concept of "youth," considering that students are the main customers in a university district. It hosts various exhibitions, events, and busking performances. Similarly, "Mecenatpolis" in Hapjeong-dong faced difficulties at its opening in 2012, with nearly half of its commercial spaces unsold. However, by incorporating a cultural concept through various performances and events inside the mall, it succeeded in attracting customers.
As these places have become famous landmarks, their rents are also set high. According to Naver Real Estate, a 99㎡ (2nd floor above ground) commercial space in Grand Seoul Cheongjin Shopping Street is listed with a deposit of 100 million KRW and a monthly rent of 6.8 million KRW. Mecenatpolis also has listings for a 108㎡ (basement 1st floor) commercial space with a deposit of 100 million KRW and a monthly rent of 7 million KRW.
Recently, concept commercial spaces can also be found in Gyeonggi Province. While most famous concept malls initially developed around young people in Seoul, they are gradually expanding to the metropolitan area, where securing larger sites is easier and accessibility is excellent.
"Aqua Pet Land," launching in April in Siwha MTV (Multi Techno Valley), Siheung-si, Gyeonggi-do, is a complex shopping mall themed around an ornamental fish park. As the first concept of its kind in Korea, it offers attractions and experiences comparable to an aquarium. The first floor will feature an Aqua Pet facility zone exhibiting and selling rare ornamental fish and specialized species worldwide, providing enjoyment for visitors. Floors 2 through 5 will also introduce various experiential facilities and attractions.
In the same month, in Cheongna International City, Incheon, commercial spaces within the "Cheongna Wave Rich" complex will be offered. Cheongna Wave Rich adopts the "food hall" concept, successful in the U.S., and plans to create a gourmet street by hosting famous brand restaurants. As a specialized street in Cheongna International City, it will be designed with four colors of Nordic-style alley commercial environments, including Plaza Helsinki, Nordic Gallery, Finlandia Hall, and Gate Helsinki.
In Nonhyeon-dong, Gangnam-gu, Seoul, "Ru Nonhyeon," a commercial space in the "Pent Hill Nonhyeon" complex, is currently being offered. This commercial space is designed as a luxury mall expressing Iceland’s pristine nature and featuring visuals reminiscent of the aurora. The interior incorporates a "Nordic sensibility" concept, utilizing advanced LED lighting and various light and object installations to recreate the aurora seen in Nordic and Arctic regions, completing an elegant interior. The commercial space is located from basement level 2 to the 2nd floor above ground within the Pent Hill Nonhyeon building, which spans from basement level 5 to the 17th floor above ground.
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