Considering Relocation to Gangnam Station Exit 10
The famous American hamburger franchise Shake Shack will relocate its Gangnam branch to a building owned by the couple Rain and Kim Tae-hee.
Rain Kim Tae-hee. Photo by Harper's Bazaar Korea Official Instagram Capture
According to industry sources on the 21st, SPC Group's first Shake Shack store is considering moving to a building in Seocho-dong purchased by singer and actor Rain.
Currently, the Shake Shack Gangnam branch is near Exit 5 of Sinnonhyeon Station, but if it relocates, it will be situated near Exit 10 of Gangnam Station, across the street.
In 2021, the couple Rain and Kim Tae-hee purchased the Seocho-dong building for 620 million KRW per 3.3㎡, totaling 92 billion KRW.
The building, consisting of two basement floors and eight above-ground floors, has a land area of 147 pyeong (486㎡) and a total floor area of 881 pyeong (2,904㎡).
The first floor, where Shake Shack is expected to move in, had been vacant for nearly six months but recently began renovation work.
The current monthly rent for Shake Shack Gangnam is about 150 million KRW, but it is reported that the lease contract for the new building was signed at around 100 million KRW per month, leading some to analyze that Shake Shack chose this building due to the rent.
Meanwhile, last year a media outlet reported that Rain was trying to sell the Seocho-dong building for 140 billion KRW, but both Rain and Kim Tae-hee denied this, stating that the building was never put on the market, proving the report to be false.
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