- Social Distancing Lifted...Consumer Sentiment Dormant for Nearly 2 Years Stimulated, Central Commercial District Revitalized
- Central Commercial District Where Commerce, Culture, Leisure, and Services Coexist...‘Cheongju Central City’ Established at Its Core
Since the lifting of social distancing measures, the "central commercial districts," which had been at a standstill for a long time due to the COVID-19 pandemic, are regaining vitality.
This is because customers, who had been reluctant to leave their homes for nearly two years due to concerns about COVID-19, are now returning.
Due to the government's social distancing policies, which imposed restrictions on the number of people and business hours for a long time, central commercial districts inevitably shrank. However, with the pandemic effectively over and social distancing lifted, the pent-up demand is now converging all at once in these central commercial districts.
Central commercial districts form larger commercial areas than neighborhood or general commercial districts and are places where culture, leisure, and services coexist in large numbers, making them sufficient to draw out latent demand. This is because various experiences that could not be enjoyed in neighborhood commercial districts can be easily accessed in central commercial districts.
Accordingly, areas such as the Hongdae commercial district, representing the culture of young people in South Korea, and the Gangnam commercial district, the country's central commercial district, are bustling with crowds regardless of weekdays or weekends. The same applies to regional areas. The Busan central commercial district, "Seomyeon Commercial District," and Daegu's "Dongsung-ro Commercial District" have also signaled a revival.
As customer interest in central commercial districts continues steadily, investors' attention is also focused on them. Central commercial districts themselves exert strong customer attraction power, so the demand base is solid, and higher profit generation can be expected.
Among these, a landmark-level mixed-use commercial facility is about to be launched in the Cheongju Express Bus Terminal commercial district, one of the representative commercial districts in Cheongju, Chungbuk. The protagonist is the "Cheongju Central City" mixed-use commercial facility.
The mixed-use commercial facility of Cheongju Central City is located in two places: the "Terminal Complex" and the "Residential-Commercial Complex."
The Terminal Complex will include the express bus terminal along with retail and cultural facilities, residential lodging facilities, and neighborhood living facilities. The building will have 7 basement floors and 49 above-ground floors, with a total floor area of 166,149 square meters. In addition, Hyundai Department Store's "Hyundai City Outlet" and the multiplex cinema "Megabox" are planned to open there. The Residential-Commercial Complex will be built with 6 basement floors and 49 above-ground floors (2 buildings, total floor area of 63,411 square meters), including apartment housing and neighborhood living facilities.
The first floor of the Terminal Complex will house the express bus terminal, allowing it to attract a large number of floating customers, including outsiders. Moreover, with Hyundai City Outlet and Megabox opening, customer attraction power will be further strengthened, and customers will be able to stay longer, which is expected to increase sales.
The Residential-Commercial Complex can secure a stable demand base from the apartment housing. Furthermore, a connecting passageway to Hyundai City Outlet will be provided, enabling visitors to easily move between complexes without going outside.
Once completed, the "Cheongju Central City" mixed-use commercial facility will be the first in Cheongju to be designed as a complex cultural space where commerce, culture, and leisure harmonize. This is because it will include Hyundai City Outlet, Megabox with Cheongju's first MX theater, and Festival Garden, where art, exhibitions, and performances come together.
The "Cheongju Central City" mixed-use commercial facility is scheduled to be launched for sale in July.
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