Lotte Complex Shopping Mall in Daegu Suseong Alpha City to be Completed in June 2026

Daegu City and Lotte Shopping Agreement Signed

"Creating a Daegu Landmark"

Daegu City, Lotte Shopping, and the Daegu-Gyeongbuk Free Economic Zone Authority (hereinafter referred to as DGFEZA) held a development project agreement signing ceremony at 9:40 a.m. on the 10th at the Sangeok Office of Daegu City Hall to build the Lotte Complex Shopping Mall in Suseong Alpha City by 2026.

After three months of discussions, Daegu City and DGFEZA confirmed mutual trust with Lotte Shopping and reached a final agreement to include specific schedules and performance guarantee clauses in the agreement.

According to Daegu City, Lotte expressed concerns about unexpected domestic and international situations during the consultation process, and Daegu City focused on deriving clear and specific agreement terms to ensure prompt project progress, engaging in intense detailed coordination through more than 20 face-to-face and non-face-to-face meetings.

The site where the Lotte Complex Shopping Mall will be built in Suseong Alpha City, Daehung-dong, Suseong-gu, Daegu.

According to the agreement, Lotte Shopping will complete the construction of the Lotte Complex Shopping Mall by the end of June 2026 and commence operations by the end of September 2026. Additionally, a performance guarantee clause was formalized, allowing for delay compensation if the project schedule is significantly delayed due to intentional or gross negligence by Lotte Shopping.

Lotte Shopping plans to create a new type of experiential complex cultural space with a nature-friendly, future-oriented shopping environment reflecting changing market demands. They expressed their intention to complete construction by June 2026 after undergoing administrative procedures such as overseas design and architectural change permits.

Daegu City and DGFEZA will actively support the swift progress of various administrative procedures, including reviews and permits, through Daegu City's top investment attraction strength, the ‘one-stop corporate investment support,’ to facilitate the rapid establishment of the Lotte Complex Shopping Mall.

Originally, Lotte purchased a 77,049㎡ site in Suseong Alpha City in 2014 and received building permits in 2020 to develop a complex shopping mall with a total floor area of 250,314㎡. They began excavation work in May 2021, raising public expectations. However, due to reasons such as high interest rates, real estate market downturn, and changes in the shopping mall concept, construction had been virtually stagnant.

Jung Junho, CEO of Lotte Shopping, who attended the signing ceremony, said, “To bring greater vitality to Daegu, a powerful city full of freedom and energy, the Suseong Lotte Complex Shopping Mall will be developed as a new space for shopping, leisure, and culture where everyone can comfortably enjoy and visit.” He added, “Furthermore, we will do our best to establish it as a shopping destination and landmark representing the Daegu-Gyeongbuk region and grow together with Daegu City.”

Mayor Hong Jun-pyo said, “We welcome Lotte’s proactive commitment,” and added, “Since the Lotte Shopping Mall is located on a key site in Suseong Alpha City, which is rapidly emerging as the second Pangyo Valley, we expect to create a win-win synergy effect with Daegu City and Lotte through early opening and successful settlement.”

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