Gyeongsan City Attracts Large Shopping Mall to Gyeongsan Knowledge Industry District

Hanmi Shopping, a Hyundai Department Store Affiliate, Wins Bid
Gyeongsan City Lays Groundwork for Large Premium Shopping Mall
Formal Negotiations to Begin, Aiming for Outlet Opening by 2028

Gyeongsan City announced on the 19th that it has selected Hanmi Shopping, a subsidiary of Hyundai Department Store, as the successful bidder for the commercial facility site in the Gyeongsan Knowledge Industry District to attract a large premium shopping mall.

The commercial facility site for distribution, located in Sowol-ri, Wachon-myeon, where the large premium shopping mall will be established, covers an area of 109,228㎡ and received approval for the 21st development plan amendment from the Ministry of Trade, Industry and Energy in April last year. It was finalized through the 26th implementation plan amendment approval in December.

Perspective view of Gyeongsan Hyundai Premium Outlet to be built in Gyeongsan.

Since 2020, the commercial facility site for distribution had been in a stalemate regarding its land use change. After Mayor Cho Hyun-il took office in the 8th term of the local government, Gyeongsan City focused on persuading the government and political circles about the necessity of the development plan amendment and the justification for attracting a large shopping mall. Additionally, a signature campaign was conducted, delivering over 160,000 signatures reflecting citizens’ wishes to the Ministry of Trade, Industry and Energy, making every effort possible.

Despite these efforts, the Ministry of Trade, Industry and Energy’s review committee decided to put the matter on hold in December 2023. Following a thorough review of the reasons for the hold, Gyeongsan City re-pursued the 21st development plan amendment and obtained final approval from the ministry in April 2024.

After completing subsequent administrative procedures, the foundation for attracting the large premium shopping mall was established through the 26th implementation plan amendment in December last year.

With Hanmi Shopping selected as the successful bidder in this commercial facility site auction, Gyeongsan City plans to begin formal negotiations with Hanmi Shopping after signing the sales contract on the 28th, aiming to open the Gyeongsan Hyundai Premium Outlet (tentative name) by 2028.

Mayor Cho Hyun-il of Gyeongsan said, “Gyeongsan City and Hanmi Shopping will closely cooperate for the successful opening of the premium complex shopping center that will serve as a landmark of Gyeongsan, and we will do our best to ensure that the Gyeongsan premium complex shopping center can play a role as a future growth engine.”

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