11st Ends Era at Seoul Square Building... New Nest in Gwangmyeong

Relocation of Headquarters to Gwangmyeong U Planet Tower

11st, which is undergoing a sale process, is ending its era at the Seoul Square building and moving to a new nest in Gwangmyeong, Gyeonggi Province.

According to the distribution industry on the 5th, 11st decided to relocate its headquarters from Seoul Square in front of Seoul Station due to the expiration of the real estate contract period. The new location is 'Gwangmyeong U Planet Tower.'

11st has been using five floors of Seoul Square, the former Daewoo Group headquarters, since 2017, but recently has been reviewing the issue of relocating its headquarters to reduce rent, which accounts for a large portion of its costs.

Since the second half of last year, 11st has implemented two rounds of voluntary retirement and workforce optimization through internal personnel reassignment, aiming to reduce costs.

Ranked third among e-commerce platforms after Coupang and Gmarket in terms of transaction volume, 11st is currently undergoing a resale process led by financial investors (FI). The sale price is reported to be in the 500 billion won range.

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