- 'Key Tenant' Stores Exhibiting Strong Customer Attraction Power Contribute to Revitalizing Surrounding Commercial Areas
- Hyundai City Outlet and Megabox Open in Cheongju Central City... Connected to Cheongju Express Bus Terminal
The importance of ‘key tenants’ in commercial markets is steadily increasing. This is because they exert strong customer attraction power, significantly influencing surrounding stores as well.
In the past, when considering commercial property investment, it was common to examine location, foot traffic, demand in the surrounding area, rent levels, and vacancy rates. However, recently, ‘key tenants’ have also become a major factor in selecting commercial properties.
A key tenant refers to a core store that attracts customers to a ‘commercial building’ or ‘shopping mall.’ Key tenants can even revitalize depressed commercial districts.
The mixed-use commercial facility in ‘Mecenatpolis,’ a high-rise residential complex located in Seogyo-dong, Mapo-gu, Seoul, was once neglected. Although it combined shopping with cultural and leisure facilities and featured a splendid interior and exterior that could easily captivate modern people, it had long been ignored by customers. Numerous vacant stores were scattered throughout the complex, and it was difficult to find traces of pedestrians.
However, as key tenant stores gradually gathered here one by one, the situation began to change. Homeplus, Lotte Cinema, and Lotte Card Art Center slowly moved in, increasing the number of visitors. It has now grown into a mixed-use commercial facility with visitors every day of the week and has become a representative commercial district of Mapo-gu.
A mammoth-scale mixed-use commercial facility housing several key tenants is also emerging in Cheongju, Chungbuk. The protagonist is the ‘Cheongju Central City’ mixed-use commercial facility being built in the Gagyeong-dong area of Cheongju, Chungbuk.
The mixed-use commercial facility of Cheongju Central City will be installed in two locations: ‘Central Square’ within the terminal complex and ‘Hills Avenue Central’ in the residential-commercial complex.
The terminal complex will be constructed on a scale from 7 basement floors to 49 above-ground floors, with a total floor area reaching 166,149㎡. Hyundai Department Store’s ‘Hyundai City Outlet’ and ‘Megabox,’ a multiplex cinema featuring Chungbuk’s first MX theater, are planned to move in here.
Part of the first floor of the terminal complex will be used as an express bus terminal, and Hyundai City Outlet will occupy floors 1 through 5. Megabox will be located on the 6th and 7th floors, along with Central Square (with a total floor area of 8,786㎡). Escalators and elevators will be installed at key locations, allowing easy movement throughout the complex and enabling a ‘fountain effect’ that connects the express bus terminal on the lower floors to the upper floors.
On the 6th floor, a healing space called ‘Festival Garden,’ combining a spacious plaza and garden, will be created. This area can also be used as a diverse cultural space for exhibitions, events, and performances. Central Square will be provided on the 6th and 7th floors, covering a total floor area of 8,786㎡.
The mixed-use commercial facility in the residential-commercial complex, ‘Hills Avenue Central,’ will be built on floors 1 through 3 above ground, with a total floor area of 10,830㎡. It can secure stable demand from the residential units within the complex. Moreover, a connecting passageway to Hyundai City Outlet will be provided, allowing users to easily move between complexes without going outside.
The ‘Cheongju Central City’ mixed-use commercial facility is scheduled for sale in July, and a sales promotion center will be established.
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