Hyundai Department Store to Build Large Outlet in Gyeongsan Knowledge Industry District... 33,000 Pyeong Scale

Daegu-Gyeongbuk Free Economic Zone Authority's Efforts for Land Use Change
Kim Byungsam: "A Leap Toward Becoming a Commercial Hub"

Gyeongsan Knowledge Industry Development Co., Ltd. announced on the 19th that Hanmu Shopping Co., Ltd., a subsidiary of Hyundai Department Store, was selected as the final successful bidder for a large outlet investment in the Gyeongsan Knowledge Industry District, Hayang-eup, Gyeongsan-si, Gyeongbuk. Accordingly, Gyeongsan has reached an important turning point to leap from an education and industrial hub to a commercial center.

The Daegu-Gyeongbuk Free Economic Zone Authority made great efforts to change the land use within the Gyeongsan district, and as a result, in April last year, the Ministry of Trade, Industry and Energy's Free Economic Zone Committee approved the change to distribution commercial facility land, making it possible to accommodate a large premium shopping mall.

Daegu-Gyeongbuk Free Economic Zone Authority

Hanmu Shopping Co., Ltd., which operates Hyundai Department Store and Hyundai Premium Outlets nationwide, is successfully managing two Hyundai Premium Outlet branches, including Gimpo and Namyangju. Additionally, it manages various department store locations such as Hyundai Department Store Mokdong and Kintex branches, and based on extensive experience and excellent operational capabilities, it has participated in this large outlet investment project in the Gyeongsan district.

The scale of this investment is expected to reach several hundred billion won. The investment area is the second phase site of the Gyeongsan Knowledge Industry District, planned to be developed on approximately 109,228㎡ (33,000 pyeong). Notably, it is adjacent to two highway interchanges (ICs), and boasts excellent accessibility with proximity to KTX Gyeongsan Station and Hayang Station on Daegu Metro Line 1, which opened in December last year. Based on this transportation network, the Gyeongsan outlet is expected to contribute not only to shoppers but also to strengthening competitiveness as a tourist destination.

Furthermore, Gyeongsan City is conducting a research project on regional development plans following the attraction of the shopping mall, and plans to develop the area as a stay-type complex tourism facility combining transportation networks and commercial facilities. The plan includes creating a complex shopping mall that incorporates cultural and leisure facilities, and it is expected to provide new shopping and tourism culture to approximately 5.6 million potential consumers across four regions?Daegu, Gyeongbuk, Ulsan, and Gyeongnam?located within 50 km of Gyeongsan City.

Kim Byung-sam, Head of Daegu-Gyeongbuk Economic Zone Authority

Kim Byung-sam, head of the Daegu-Gyeongbuk Free Economic Zone Authority, expressed confidence that "through attracting a large outlet in the Gyeongsan Knowledge Industry District, Gyeongsan will establish itself as a new commercial and tourism center in Daegu and Gyeongbuk," and added, "We will continuously promote investment attraction and infrastructure improvement in parallel with the development of Sowolji within the district to ensure this area becomes the central axis of a complex economic hub."