Shinsegae Property Declares Leap as a '2033 Lifestyle Changer' Company

10th Anniversary Ceremony Presents Future Vision
Expansion into New Residential Businesses such as Senior and Premium
Significant Expansion of Commercial Facility 'Starfield Village'

Shinsegae Property announced its future vision to leap forward as a '2033 Lifestyle Changer' on the occasion of its 10th anniversary.

On the 1st, Shinsegae Property held its 10th anniversary ceremony at Shinsegae Group's urban training center 'Shinsegae Namsan' and revealed its vision and blueprint for the next 10 years, the company announced on the 4th. In his commemorative speech, CEO Lim Young-rok said, "It is time to effectively respond to the endless environmental changes and take a step forward as an all-around 'Lifestyle Changer,'" adding, "Let us not repeat past successes, but achieve fundamental growth by leading new future customers' enthusiasm based on the customer-first philosophy."

Shinsegae Property held a commemorative ceremony at Shinsegae Namsan on the 1st to celebrate its 10th anniversary and announced its future vision to leap forward as the '2033 Lifestyle Changer.' The photo shows Young-rok Lim, CEO of Shinsegae Property, delivering the commemorative speech. Photo by Shinsegae Property

CEO Lim particularly presented execution plans for four business areas?residential, office, retail, and complex development?to achieve the 2033 Lifestyle Changer vision. In the residential business, he declared entry into the high-end senior residence market. Rather than a simple nursing facility, the plan is to transform into a 'Lifetime Partner' encompassing the entire lifestyle of seniors. While senior-related businesses in Korea have so far focused on 'care' providing nursing services, Shinsegae Property plans to combine various group company contents with residences to lead an active and fulfilling life for seniors.

Targeting the premium market, they will introduce a luxury residence business incorporating hospitality services. Unlike conventional residential businesses centered on spaces such as apartments and officetels, this new concept residential business aims to provide the highest satisfaction from a customer experience perspective by combining amenity facilities with 'hospitality.'

They are also promoting the development of prime offices that will become new landmarks in the mega city of Seoul. Following the Dong Seoul Terminal office complex development in 2029, they plan to develop prime buildings (with a total floor area of over 30,000㎡) in Seoul’s original downtown areas such as Yongsan, aiming to expand the total floor area of prime office buildings operated by Shinsegae Property to approximately 1.3 million ㎡ by 2033.

They also unveiled plans to significantly expand the urban shopping space 'Starfield Village,' where the value of Starfield can be experienced within walking distance from home. Currently, developments are underway in two locations?Paju City in Gyeonggi Province and Gayang District in Seoul?under the concept of 'urban bohemian.' Shinsegae Property expects to increase the number of Starfield Villages to 30, contributing to the creation of local commercial districts and improving customers' quality of life.

The company also expressed its ambition to grow sustainably as a 'landmark developer' and a top 'brand company' in real estate. Centered on Starfield, they plan to continuously expand their retail business and develop facilities that integrate various contents such as baseball stadiums and theme parks, enabling long-term stays of two to three days, thereby occupying all-around environments from customers' leisure (Play), residence (Live), to work (Work).

Shinsegae Property emphasized the need to meticulously establish a successful asset-light strategy by utilizing various financial methods such as REITs, real estate funds, PFVs, and collaboration with capable external investors to ensure the smooth execution of these visions and plans. CEO Lim urged employees, "Do not be fixated on the success of Starfield going forward, but strive for collective intelligence through smooth communication, open communication from a group perspective rather than a departmental level, and the discovery and nurturing of external experts who will share the company’s vision."