Hyundai Department Store Group to Build 'The Hyundai Gwangju' in Gwangju Metropolitan City

Real Estate Developer 'Humans Holdings 1st PFV' Negotiates Site Development in Buk-gu, Gwangju
Promoting Opening of Future-Oriented Cultural Complex '(Tentative) The Hyundai Gwangju' in Theme Park-Style Shopping Mall
"Aiming to Develop as Honam Region's Leading Future Cultural Experience Landmark... Contributing to Local Economic Revitalization"

The Hyundai Seoul, Sounds Forest panorama.

[Asia Economy Reporter Yuri Kim] Hyundai Department Store Group is creating a large-scale future-oriented cultural complex mall tentatively named '(Tentative) The Hyundai Gwangju' in Gwangju Metropolitan City, surpassing 'The Hyundai Seoul.' The plan is to develop it into a future-oriented cultural experience landmark representing the Honam region, based on space design that breaks the mold of existing shopping malls and trendy content.

On the 6th, Hyundai Department Store Group announced that it is in discussions with Humans Holdings 1st PFV, a real estate development company, to open the future-oriented urban cultural complex mall 'The Hyundai Gwangju' on approximately 310,000㎡ (about 90,000 pyeong) of the former Jeonnam Textile and Ilsin Textile factory sites in Buk-gu, Gwangju. Once the discussions are finalized, they plan to proceed with the project in earnest. The store size is currently under discussion but will be developed to match the scale of a large complex shopping mall, aiming to become a core infrastructure within the commercial district.

Hyundai Department Store Group views 'The Hyundai Gwangju' as the first case of realizing a future-oriented cultural complex mall. A representative from Hyundai Department Store Group stated, "A future-oriented cultural complex mall is a concept distinct from current complex shopping malls centered on retail stores such as department stores and large marts," emphasizing, "It is a new business type that combines shopping with various cultural experiences such as leisure, rest, and entertainment." They added, "By realizing independent management through local incorporation of 'The Hyundai Gwangju,' we plan to maximize the regional economic production inducement effect, including fostering local partner companies and recruiting talent."

Humans Holdings 1st PFV is a real estate development company with shareholders including Shin Young, a leading domestic developer, comprehensive real estate company Woomi Construction, and Humans Holdings. Responsible for development in the Buk-gu area of Gwangju, Humans Holdings 1st PFV plans to attract additional entertainment-type shopping malls, international-class luxury hotels, and premium cinemas besides 'The Hyundai Gwangju.' They also plan to create a 'Baseball Street' linked to the nearby Gwangju Kia Champions Field, home stadium of the Kia Tigers. A 'Historical and Cultural Park' centered on the textile industry cultural heritage will also be established. Based on this, the area will be developed into a theme park-style complex shopping mall combining shopping, culture, leisure, and entertainment.

Hyundai Department Store Group plans to provide various future-oriented cultural experiences through the future-oriented urban cultural complex mall 'The Hyundai Gwangju' within the theme park-style complex shopping mall. Unlike suburban shopping malls located far from the city center or warehouse-type stores that stock large quantities of goods for discount sales, 'The Hyundai Gwangju,' specialized for urban areas, will offer new experiences and unique enjoyment within the city.

To this end, Hyundai Department Store Group intends to upgrade the DNA of 'The Hyundai Seoul,' which presented the future direction of offline distribution, and additionally introduce various cultural experience content spaces into 'The Hyundai Gwangju.' Since opening in Yeouido, Seoul, in February last year, 'The Hyundai Seoul' has established itself as a future-oriented urban shopping culture space, recording approximately 40 million visitors to date and about 60% of total purchasing customers being under 30 years old.

Hyundai Department Store Group expects that the theme park-style complex shopping mall centered on 'The Hyundai Gwangju' in Buk-gu, Gwangju, will invigorate the local economy with an employment creation effect of about 22,000 people. They also plan to take the lead in efforts to coexist with local small business owners. The stores will be composed mainly of luxury brands that do not overlap with existing commercial districts and new brands targeting the MZ generation (Millennials + Generation Z) that have not been introduced in the Gwangju area. They will support marketing and service education for nearby traditional markets such as Unam Market and Yangdong Market and small and medium-sized merchants to protect the local commercial district and establish a foundation for mutual growth.