Evolving into a Hybrid Shopping Mall with 'The Hyundai 2.0'
Construction to Begin in October, Aiming for Opening in First Half of 2027
10,000-Pyeong Experience Spaces Including Water Garden and Forest
On May 29, Hyundai Department Store announced that it will officially begin construction of 'The Hyundai Busan,' aiming to open in the first half of 2027. Hyundai Department Store plans to introduce 'The Hyundai 2.0,' a hybrid shopping mall that breaks down the boundaries between department stores, outlets, and shopping malls, going beyond the existing The Hyundai platform. The goal is to establish it as a landmark in the Busan region.
Perspective view of Hyundai Department Store 'The Hyundai Busan'. Provided by Hyundai Department Store.
The Hyundai Busan will be built on a site of 111,000 square meters (approximately 33,000 pyeong) within the Eco Delta City Special Planning Zone in Daejeo-dong, Gangseo-gu, Busan Metropolitan City. The total floor area will be 200,000 square meters (about 60,000 pyeong). Construction is scheduled to begin as early as October this year.
The Hyundai 2.0 is Hyundai Department Store's new retail platform that combines customer-centric content and innovative interior design into a single brand. It is based on a 'big blur' strategy that breaks down the traditional boundaries between department stores, outlets, and shopping malls. The Hyundai 2.0 is planned as a space that reflects the local identity, culture, and natural environment, expressing the unique character of each city. 'The Hyundai Gwangju,' a cultural complex mall currently under development in Gwangju Metropolitan City and scheduled to open in the second half of the same year, will also be developed as a model of The Hyundai 2.0, serving as a prototype for next-generation retail platforms.
A Hyundai Department Store representative stated, "While The Hyundai Seoul created a new turning point for future-oriented department stores through experience-focused and innovative spatial design, The Hyundai Busan will become a space that proposes the future of retail through the more advanced The Hyundai 2.0 model."
The most distinctive feature of The Hyundai Busan is that it is a hybrid complex mall. It will offer both an 'Indoor Mall' selling premium products and an 'Outdoor Mall' featuring outlet stores with reasonable prices and trendy items, all within a single space. In the past, consumers typically decided where to shop based on the business type?purchasing high-priced new products at department stores and discounted items at outlets. Now, however, the main factor influencing shopping decisions is not 'where to buy,' but 'what kind of experience to have.'
The Hyundai Busan will also significantly expand its experiential content spaces. Approximately 33,000 square meters (about 10,000 pyeong), which is nearly half of the total sales area of 69,421 square meters (21,000 pyeong), will be dedicated to 'immersive experience spaces.' The plan is to offer new experiences by combining dynamic content such as culture, art, and leisure with static natural environments. Hyundai Department Store explained that it aims to create attractive spaces similar to Bryant Park, an urban park in New York City where visitors can enjoy a variety of experiences such as markets and leisure sports, and the Grand Palais in Paris, France, a famous cultural complex known for its majestic glass dome architecture.
The Hyundai Busan also aims to introduce a 'glocal' space that embraces both local and global characteristics. The plan is to create a complex cultural space that blends Busan's maritime culture as a port city with a global merchandise mix. Specifically, the mall will offer a variety of trendy cultural content targeting younger generations, such as forest dining, floating cabanas, and outdoor gourmet booths.
Hyundai Department Store expects The Hyundai Busan to become a landmark not only for Busan but for the entire Yeongnam region. Eco Delta City, where The Hyundai Busan will be located, is a future-oriented waterfront smart city at the heart of the 'Boo-Ul-Gyeong (Busan, Ulsan, Gyeongnam) Megacity.' Various facilities such as hotels, convention centers, observatories, and art museums are planned for the surrounding area. The site is adjacent to Gimhae International Airport and boasts excellent transportation infrastructure, including KTX and expressways. In the future, an urban railway within Eco Delta City is also planned, ensuring outstanding accessibility from western Busan and across the entire Yeongnam region. In particular, the western Busan area continues to attract a young population, which is expected to drive strong future growth potential.
A Hyundai Department Store representative said, "The Hyundai Busan will be a new-concept cultural content platform that transforms customers' lifestyles, and we will make it a new landmark space for the Busan region."
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