Lotte Department Store Gwangbok Branch Closes Tomorrow... Additional Extension of Usage Approval Denied, 'Unprecedented Situation'

Over 3,000 Employees at Over 800 Stores Face Job Loss Risk

Lotte Department Store Busan Gwangbok Branch, Aqua Mall, and Entertainment Building will temporarily suspend operations starting June 1. [Image source=Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] An unprecedented situation has occurred with the closure of Lotte Department Store Busan Gwangbok Branch.

Busan City has ordered the suspension of operations starting June 1 for Lotte Department Store Busan Gwangbok Branch, Aqua Mall, and the Entertainment Building.

As the temporary use approval expires on the 31st, it is reported that Busan City does not intend to extend the approval period for these commercial facilities.

The approval period for these facilities, which have been operating under temporary use approvals obtained sequentially since 2009, will expire on this day.

Busan City holds a firm stance that it cannot allow only the current commercial facilities to operate, as Lotte Shopping has continuously postponed the Lotte Tower project and other developments planned as landmarks on the former Busan City Hall site, showing no intention to proceed.

Until this day, Busan City and Lotte Department Store have not reached any conclusion regarding the extension of the use approval, putting over 800 stores in Lotte Department Store Gwangbok Branch at risk of indefinite closure. Approximately 3,000 employees working there also face the sudden threat of losing their jobs.

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