'Gwangju Bokhap Shopping Mall' Project, Shinsegae's Participation Intensifies... Business Plan Submitted

Second after Hyundai Department Store Group in November

City publishes original plan on homepage

All promotion procedures transparent, fair, and prompt processing

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Following the submission of a business plan by Hyundai Department Store Group regarding the Gwangju complex shopping mall, Shinsegae Property has also submitted its plan.

According to Gwangju Metropolitan City on the 29th, Shinsegae Property submitted a business plan for the 'Grand Starfield Complex Shopping Mall' targeting the Eodeungsan Tourist Complex to the city the day before.

With the magnanimous decision of the local company Seojin Construction for the development of the Gwangju community and the submission of the complex shopping mall business plan by Shinsegae Group, it is evaluated that a new turning point of hope has been established for the Eodeungsan Tourist Complex development project, which had faced difficulties for 17 long years.

The city promised to transparently disclose all promotion processes related to attracting the complex shopping mall and has published the original business plan on the city’s homepage.

According to the 'Gwangju Complex Shopping Mall Attraction' promotion procedure announced last September, the plan is to handle the process transparently, fairly, and swiftly.

Gwangju City will hold a New Vitality Administrative Council composed of city and district officials in January next year to conduct a business plan explanation and Q&A session with Shinsegae Property representatives and will begin a full review. Based on these results, opinions from citizens and the city council will be collected.

The 'The Hyundai Gwangju,' for which Hyundai Department Store Group submitted a business plan on the 18th of last month, and the current 'Shinsegae Grand Starfield' follow different procedures.

'The Hyundai Gwangju' is a project to promote a complex shopping mall on company-owned land, where the business content will be adjusted and specified through a preliminary negotiation process, and depending on the results, the New Vitality Administrative Council will swiftly handle administrative procedures through a one-stop administrative support system.

'Shinsegae Grand Starfield' is a case where the city owns the public land and the company submitted a business plan expressing investment intentions; the project will proceed through separate public offering procedures, designation of a preferred negotiation partner, and negotiation processes with the company.

After the public announcement to citizens, in the full-scale project promotion stage, the city plans to promptly review the overall project promotion including the tourist complex development plan, prepare regional win-win measures, and activate a task force (TF) to discover national projects for requesting government support.

Gwangju Mayor Kang Ki-jung said, “With the magnanimous decision of Seojin Construction for the development of the Gwangju community and the submission of the business plan by Shinsegae Group, a new turning point of hope has been established for the 'Eodeungsan Tourist Complex Development Project,' which was the most difficult issue among the '8th Term 5+1 Key Projects.' We will focus the city’s administrative capabilities on reviewing the business plan based on transparency, fairness, and promptness to make the Eodeungsan Tourist Complex the number one tourist landmark in Korea.”

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