Shinsegae Department Store to Open 'Second Gangnam Branch' at Suseo Station... 25,000 Pyeong in Size

Perspective view of Suseo Station Transfer Center Complex Development Project.

[Asia Economy Reporter Lim Chun-han] Shinsegae Department Store announced on the 25th that it will unveil a new landmark at the Suseo Station Transfer Center in 2027.

The Hanwha Construction consortium, which includes Shinsegae, has been selected as the project lead candidate for the Suseo Station Transfer Center complex development project. The approximately 1.2 trillion KRW Suseo Station Transfer Center complex development project involves constructing commercial and office facilities, including a department store, on an 115,927㎡ site within the SRT Suseo station area. In this consortium, Hanwha Construction is the project lead, with Shinsegae and KT Estate participating, and general investors include Korea Investment & Securities, Mirae Asset Securities, Aegis Asset Management, and Heritage Asset Management.

Shinsegae, which successfully boosted the Daegu regional commercial district through the Dongdaegu Station complex transfer center in 2016, is now focusing on the demand in the southeastern metropolitan area of Seoul and Gyeonggi through the Suseo Station Transfer Center complex development project. The sales area is approximately 83,000㎡ (about 25,000 pyeong). Once the complex development project is completed, the SRT Suseo Station area is expected to emerge as a regional hub for public transportation and high-speed rail in the southeastern metropolitan area, as well as a mega retail commercial hub.

Cha Jeong-ho, President of Shinsegae Department Store, said, “The Suseo Station Transfer Center complex development project has a location advantage with great potential to become a core commercial district in the southeastern metropolitan area including Seoul and Gyeonggi. Based on Shinsegae’s retail know-how and innovative DNA, we will successfully introduce a new landmark department store.”