[Exclusive] GS to Open 'GS Art Center' at the Closed Yeoksam Art Center Site

GS Group is making a full-scale entry into the cultural and artistic business by creating the 'GS Art Center (tentative name)' in Yeoksam-dong, Gangnam-gu, Seoul, where the former LG Art Center was located. It will also establish its first cultural foundation within the group.

According to the business community on the 23rd, GS Group has decided to promote cultural and artistic projects and plans to establish the 'GS Cultural Foundation (tentative name)' for this purpose.

GS Group headquarters building (GS Tower) exterior view.

Opened in 2000, the LG Art Center has been operated by the Yeonam Cultural Foundation under LG Group. Although LG Group and GS Group split later, the LG Art Center continued to maintain its legacy. In its early days, it hosted pianist Baek Geon-woo's complete performance of Prokofiev's concertos and has played an important role in Korea's cultural and artistic scene for over 20 years by staging various plays and dance performances.

However, when the LG Art Center moved to Magok-dong, Gangseo-gu in 2022, the performance facility in Yeoksam-dong was virtually left unused for the past two years. GS Group, considering ways to utilize this space, decided to promote cultural and artistic projects as part of its social contribution efforts.

It is reported that this decision strongly reflected the will of GS Group Chairman Huh Tae-soo. Chairman Huh has consistently emphasized corporate social responsibility, stating, "For our society to become warmer and happier, the interest and participation of the entire society are necessary, and companies must take the lead in social roles through sharing."

GS Group plans to start cultural and artistic projects at the group level through this project. Detailed matters such as the scale and method of foundation endowment are currently under discussion. The foundation endowment is expected to reach several tens of billions of Korean won. The GS Cultural Foundation will be responsible for operating the GS Art Center, planning various cultural and artistic performances, and focusing on enhancing the group's cultural value through these activities.

The first performance at the GS Art Center is expected to take place next year, marking the 20th anniversary of the group's founding. A group official explained, "We are planning to present the first performance to commemorate the 20th anniversary of GS Group's founding."

Huh Tae-soo, Chairman of GS Group, is speaking at the GS executives' meeting for the second half of the year held on July 18 at GS Tower in Gangnam-gu, Seoul. (Provided by GS Group)

Currently, foundations related to GS Group include the Donghaeng Welfare Foundation and the Huh Ji-young Scholarship Foundation, established in 2016 and 2020 respectively by Huh Dong-soo, Honorary Chairman of GS Caltex, through personal donations. Among its affiliates, GS Caltex operates the GS Caltex Foundation, established in 2006. The GS Cultural Foundation is expected to carry out activities differentiated in the field of culture and arts from these foundations.

A GS representative said, "Based on the trust and reputation GS Group has built, we will present various programs that can contribute to the development of art and culture."