'Lotte Shopping Town' to Begin Construction in May in Suseong Medical District... Daegu's Largest Distribution Facility with 75,000 Pyeong

Targeting Opening in 2025... "Innovative Concept Featuring Rest, Cultural Experience, Leisure, and Healing Spaces"

Perspective view of Daegu Lotte Shopping Town.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Jae-ho] The largest-ever complex shopping facility in Daegu is set to be established. The Daegu-Gyeongbuk Free Economic Zone Authority (Commissioner Choi Sam-ryong) announced on the 29th that construction of the Daegu Lotte Shopping Town will begin in early May in the Suseong Medical District. The target completion year is 2025.

On the morning of the same day, Commissioner Choi Sam-ryong held a meeting at the annex reception room of Daegu City Hall with Daegu Mayor Kwon Young-jin and representatives of Daegu Lotte Shopping Town to discuss the prompt construction of Daegu Lotte Mall.

The construction of the 'Daegu Lotte Shopping Town' complex shopping mall became tangible after the land sale in December 2014 and the signing of a business agreement in June 2019 between Daegu City, the Daegu-Gyeongbuk Free Economic Zone Authority, and Lotte Shopping Town Daegu Co., Ltd. Since then, after undergoing traffic impact assessments and architectural reviews, building permits were granted last June for a structure with one basement floor and eight above-ground floors, covering a total floor area of 250,314㎡ (approximately 75,000 pyeong).

Despite concerns about the project's potential cancellation due to the impact of COVID-19, Daegu City explained that the 'Daegu Lotte Shopping Town' project has been able to proceed smoothly this year through the process of transferring the shopping mall business from Lotte Asset Development to Lotte Shopping in February.

During the construction process of the Daegu Lotte Shopping Town complex shopping mall, it is known that Mayor Kwon Young-jin personally met and persuaded Lotte officials, including the CEO of Lotte Asset Development, in February and June 2019.

A Lotte representative stated, "We are reviewing plans to create a large-scale complex shopping mall with an innovative concept that includes rest areas, cultural experiences, leisure, and healing spaces to respond to the rapidly changing shopping environment in the post-COVID-19 era and to lead new trends in offline stores."

Daegu Mayor Kwon Young-jin said, "We expect it will greatly contribute not only to creating thousands of new jobs but also to attracting companies to the Suseong Medical District," and emphasized, "Please accelerate the construction of the shopping town so that it can significantly help revitalize the local economy."

Meanwhile, before the groundbreaking, Lotte Shopping is consulting with the Daegu-Gyeongbuk Free Economic Zone Authority regarding the delivery of materials for the installation of temporary facilities (construction site fences). After the construction notification in May, earthwork and other civil engineering work will commence as a priority.