[Asia Economy Reporter Kim Bo-kyung] On the 28th, the Ministry of SMEs and Startups held a business adjustment review meeting at the government Sejong Government Complex conference room and recommended business adjustments for the 'Shinsegae Simon Jeju Premium Outlet' being developed in Jeju.
The Ministry recommended restricting the entry and sales of brands overlapping with the 372 brands sold by cooperative member companies and joint participants who applied for business adjustment to Shinsegae Simon.
It also recommended limiting promotions through mass media such as broadcasts and newspapers targeting Jeju residents to no more than four times a year and restricting promotional events during holiday periods such as Lunar New Year and Chuseok.
The Ministry advised that Shinsegae Simon comply with the review results for three years from the date of notification. Violations of the recommendations will result in enforcement orders and penalties under the Win-Win Cooperation Promotion Act.
This measure follows the announcement of the opening plan for Jeju's first premium outlet, 'Shinsegae Simon Jeju Premium Outlet,' in May, after two SME organizations, including the Jeju Chilseong-ro Shopping Street Promotion Business Cooperative, filed for business adjustment, citing serious damages.
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