Lotte Department Store Busan Gwangbok Branch Resumes Normal Operations Today... Accelerating Lotte Tower Construction

Temporary Use Approval Extended... Lotte Department Store Gwangbok Branch and Other Commercial Facilities Resume Normal Operations from the 2nd
Lotte-Busan City Sign Business Agreement to Facilitate Smooth Progress of Lotte Tower Construction Project
Lotte Department Store "Will Complete Busan's Representative Landmark Quickly"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Yuri] Lotte Department Store Busan Gwangbok Branch, which faced a business suspension crisis due to the refusal to extend temporary use approval, will resume normal operations from the 2nd.

According to the distribution industry on the 2nd, Lotte will sign a business agreement with Busan City at 10 a.m. on the same day to facilitate the smooth promotion of the Busan Lotte Tower construction project. Prior to this, Busan City decided to extend the temporary use approval for commercial facilities such as Lotte Department Store Gwangbok Branch, Aqua Mall, and Entertainment Building located on the same project site as Lotte Tower. Accordingly, from this day, Lotte Department Store Gwangbok Branch and others will resume normal operations.

Busan City previously informed Lotte that it would not extend the temporary use approval period for commercial facilities such as the department store built before Lotte Tower, stating that there was no intention to build Lotte Tower. Lotte Department Store Gwangbok Branch, whose temporary use approval expired on the 31st of last month, set the 1st as a temporary regular holiday and suspended operations accordingly.

Park Hyung-jun, Mayor of Busan, Song Yong-deok, CEO of Lotte Holdings, and Jung Jun-ho, CEO of Lotte Shopping, are expected to attend the agreement ceremony on this day. Lotte will provide a detailed explanation to guarantee the sincerity of the Lotte Tower construction project. It is reported that both parties will include in the agreement a commitment to actively work toward building Lotte Tower by 2025.

Lotte Department Store said, "We will speed up the project to repay Busan City's extension of temporary use approval and make Lotte Tower a representative landmark of Busan," adding, "We will do our best to contribute to the development of Busan's tourism industry and the old downtown area." It also emphasized, "Since the second landscape review was approved last month, we plan to submit the building review in the second half of this year, complete the building permit application by the first half of next year, and start full-scale construction to complete it as soon as possible."

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