Yeoju Outlet Expansion: Leaping to Global Top-Tier Status
Siheung Outlet to Feature Curated Spaces
New Openings and Market Expansion Planned for Key Metropolitan Areas
On June 5, Shinsegae Simon marked its 20th anniversary by unveiling its vision to usher in the era of "Premium Outlet 2.0" at a global top-tier level. The company announced plans to expand its existing locations, such as Yeoju and Siheung, and to open new outlets in key metropolitan markets.
Youngseop Kim, CEO of Shinsegae Simon, is delivering a commemorative speech at the 20th anniversary ceremony held at Shinsegae Namsan on the morning of the 5th. Photo by Shinsegae Simon
Shinsegae Simon was established in June 2005 as a joint venture between Shinsegae Group and Simon Property. In 2007, the company opened Yeoju Premium Outlets, the first suburban outlet in South Korea. Since its opening, the Yeoju location has grown nearly fivefold, now attracting 10 million visitors annually and ranking as the country's number one premium outlet. Approximately 40% of its customers come from non-metropolitan regions such as Chungcheong, Gangwon, and Gyeongsang, solidifying its status as a nationwide shopping center.
Declaring the beginning of the Premium Outlet 2.0 era, Shinsegae Simon is planning customized expansions for both the Yeoju location (scheduled for 2027) and the Siheung location. The company aims to elevate the Yeoju outlet beyond its domestic leadership to the level of global top-tier outlets such as Woodbury Common Premium Outlets in the United States and Gotemba Premium Outlets in Japan, through a third large-scale expansion.
Starting this year, the Yeoju outlet has begun preparations for brand relocation and the development of new space. In addition to its existing 53,400 square meters (approximately 16,000 pyeong) of retail space, the company plans to add about 10,000 square meters (around 3,000 pyeong) of new space. In the future, including the 26,400 square meters (about 8,000 pyeong) of the Sangsaeng Shopping Center Village, the Yeoju outlet will be reborn as a "mega shopping town" with a total retail area of approximately 90,000 square meters (about 27,300 pyeong). With this expansion, the company expects the Yeoju outlet to become the first single premium outlet in Korea to achieve sales in the trillion-won range (total transaction value).
The Siheung outlet, which is located close to the city center, will be newly developed as a premium outlet that customers can visit daily through "space curation." In addition, the company is considering opening new outlets in major metropolitan markets and is planning to further expand into new business areas.
Meanwhile, on the morning of June 5, Shinsegae Simon held a commemorative event at Shinsegae Namsan to celebrate its 20th anniversary, including awards for outstanding employees. In his congratulatory address, Youngseop Kim, CEO of Shinsegae Simon, stated, "For 20 years, we have led and grown the premium outlet industry based on our 'first and best customer value DNA.' Let us work together to create Premium Outlet 2.0 at a global top-tier level, going beyond the best shopping, content, and spaces we have offered so far, and truly embodying the essence of our business."
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