Shinsegae Property Establishes EcoLab, an Organization for Eco-Friendly Building Research

Shinsegae Property logo.

[Asia Economy Reporter Jeon Jinyoung] Shinsegae Property has established a dedicated ESG (Environmental, Social, and Governance) department and launched an eco-friendly architecture research organization called ‘Eco-Lab’ to officially declare its commitment to ESG management.

According to Shinsegae Property on the 25th, the in-house eco-friendly architecture research organization Eco-Lab was established last April. Eco-Lab plans to propose ‘eco-friendly architecture guidelines’ that minimize negative environmental impacts through energy saving and resource circulation throughout the entire real estate development and operation process.

Through research conducted by in-house staff and external experts, Eco-Lab will focus on topics such as ▲eco-friendly and high-efficiency design ▲ecological environment creation ▲water circulation management ▲energy efficiency, discovering eco-friendly items and presenting guidelines based on these findings. The prepared guidelines are currently under discussion to be reflected in various future project businesses of Shinsegae Property.

Last year, Shinsegae Property also established two dedicated ESG organizations. This reflects their ambition to practice proactive ESG management to broaden the base of win-win activities and contribute to a healthy ecosystem for local communities and the global environment.

From June last year, an ESG task force (TF) was formed for six months to select themes for ESG management. Subsequently, in November last year, an ESG promotion team was established, adopting the slogan ‘A lifestyle changer creating healthy and happy spaces with customers.’ Recently, they have been devising various customer-centered ESG management activity plans.

Shinsegae Property plans to continue win-win activities with local commercial districts while broadly expanding customer-centered ESG management campaigns. In July, they will sign a Memorandum of Understanding (MOU) with Goyang City in Gyeonggi Province to promote traditional market regional cooperation and support the revitalization of the Goyang Samsong shopping district through customized consulting and promotions.

Lim Youngrok, CEO of Shinsegae Property, said, “As a real estate developer, Shinsegae Property is proactively considering sustainable development beyond the traditional meaning of win-win cooperation, prioritizing genuine ESG value management rather than superficial efforts, aiming to internalize it and lead the industry. Moving forward, we will take the lead in presenting standards that can resonate with others regarding space design and development for the global environment.”