Shinsegae Group vice chairman Chung Yong-Jin said in the ceremony, "Within a few years we will build six more such multi shopping malls in the suburbs of Seoul. These shopping malls will be our future growth engines."

 

Hanam's Union Square, to be completed by the second half of 2016 at the cost of 1 trillion won, will host department stores, outdoor shopping malls, movie theaters, entertainment venues, and kids theme parks. In order to differentiate itself from other shopping centers, it will sign on more private label and fast fashion stores.

 

Shinsegae will hold a 70-percent stake in the shopping mall while the remaining 30 percent will be owned by Taubman Asia, a subsidiary of U.S. mall operator Taubman Centers. By 2017, the two companies will cooperate in building six more multi-purpose shopping centers in Incheon, Chungna, Gyeonggi, Euiwang, Goyang, and Samsong. In addition, they will create four more shopping locations in out-of-Seoul areas.