Lotte Department Store "Second Half Lotte Tower Building Review... Will Complete Busan Landmark Promptly"

Refusal to Extend Use of Busan Gwangbok Branch
"Will Resolve Temporary Use Approval Issue by Reconfirming the Sincerity of Lotte Tower Construction"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Yuri] Due to Busan City's refusal to extend the temporary use approval, Lotte Department Store Busan Gwangbok Branch will temporarily suspend operations starting June 1. Lotte Department Store stated that it plans to submit a building review application for the construction of Lotte Tower in the second half of this year, reaffirming its sincerity regarding the Lotte Tower project and aiming to resolve the temporary use approval issue.

On the 31st, Busan City announced that it would not further extend the temporary use approval period for Lotte Department Store Busan Gwangbok Branch, Aqua Mall, and the Entertainment Building. The approval period for these facilities, which have been operating sequentially under temporary use approvals since 2009, expires on this day.

As a result, about 800 stores located in these facilities will close, putting approximately 3,000 employees working there at risk of losing their jobs. Busan City cited the reason for refusing the extension of the temporary use approval as the Lotte Tower project, planned to be built as a landmark along with these facilities on the former Busan City Hall site, being stagnant and the company's weak commitment to the project, making it impossible to allow the commercial facilities to be used alone.

Regarding this, Lotte Department Store said, "We plan to reaffirm our sincerity about the construction of Lotte Tower to Busan City and make efforts to resolve the temporary use approval issue," adding, "Through this, we will take the lead in the economic development and job creation activities in the Busan region."

Concerning the construction of Lotte Tower, which is at the center of the issue, the department store plans to submit a building review application in the second half of this year. The department store emphasized, "Regardless of the refusal to extend the temporary use approval, we plan to submit the building review application in the second half of this year for the prompt construction of Lotte Tower," and added, "We will complete the building permit application by the first half of next year, start full-scale construction, and ensure that the landmark of Busan is completed within a short period."

This content was produced with the assistance of AI translation services.