April 28 General Meeting, Apgujeong Main Store and Pangyo Branch Transformation
Preparing to Open Future-Oriented Cultural Complex Mall The Hyundai Gwangju
Plan to Open West Busan Premium Outlet in 2027
Hyundai Department Store will invest 260 billion KRW this year to strengthen the competitiveness of its offline stores.
On the 28th, at the regular shareholders' meeting held in Gangdong-gu, Seoul, Kim Hyung-jong, CEO of Hyundai Department Store, stated, "This year, we have established an investment plan of about 260 billion KRW to introduce new experiential elements that cannot be encountered in traditional retail, such as creating spatial value and content that crosses boundaries." He added, "Through this, Apgujeong Main Store and Pangyo Store will be newly transformed, and other stores such as Jungdong Store will also change with customized strategies."
New store openings such as 'The Hyundai Gwangju' are also being prepared. After submitting the business plan, the developer is pursuing a change of use for the site of The Hyundai Gwangju. CEO Kim said, "In Gwangju Metropolitan City, we will introduce The Hyundai Gwangju, the nation's first future-oriented cultural complex mall that combines tourism, culture, arts, leisure, and shopping." He added, "In the outlet sector, we plan to open a premium outlet of approximately 99,174㎡ (about 30,000 pyeong) in the center of Eco Delta City, the largest development complex in West Busan, targeting an opening in 2027."
Hyungjong Kim, CEO of Hyundai Department Store, is speaking at the regular shareholders' meeting held on the 28th in Gangdong-gu, Seoul. [Photo by Hyundai Department Store].
Following the accident at the Daejeon outlet last year, the safety and health system was also re-examined. CEO Kim said, "Through this painful experience, we are actively introducing facilities and equipment to build a safe shopping environment to ensure that such accidents never happen again." He added, "We are making large-scale investments, including adding dedicated safety personnel, and will strictly manage internal systems."
Hyundai Department Store has announced a dividend policy aiming to maintain a dividend payout ratio of over 10% and a minimum dividend per share of 1,000 KRW through this year. CEO Kim said, "We will maintain this policy this year as well and decided on a dividend per share of 1,300 KRW, an increase from last year, to repay the support of our shareholders."
Meanwhile, at the shareholders' meeting on the same day, Jung Ji-young, Head of Sales at Hyundai Department Store, and Chae Kyu-ha, a former member of the Fair Trade Commission and advisor at the law firm Bae, Kim & Lee LLC, were newly appointed as inside director and outside director, respectively. Vice Chairman Jung Kyo-sun stepped down from the inside director position but will maintain his role as the group’s overall vice chairman. The business objectives were expanded to include cosmetics manufacturing and wholesale/retail, as well as travel business. This is to strengthen directly purchased products in the vegan beauty edit shop 'Be Clean' and to sell online travel products on TheHyundai.com. To prepare for uncertainties in the financial market, a new article of incorporation was established to delegate the timing of corporate bond issuance, previously decided by the board, to the CEO for decision-making.
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