Promodes Will Invest 1.2 Trillion Won Toward Korea

The French discount store, Promodes, will invest as much 1.2 trillion won (about 920 million dollars) to enter the Korean market.
A source at Contiko, an investment arranging company in Korea acting for Promodes, said on November 3, ' Promodes plans to invest as much 1.2 trillion won beginning in 1999.'
Earlier in April, Promodes signed a contract to lease land, which the Korea Hypermart Co. owns, for 30 years at 14 billion won and will open its first discount store by February, 1999.
The distributor also bought a 4,800 pyong(1 pyong equals 3.3 sq.m.s) parcel of land in Junggye Dong in Seoul's Nowon County for 30 billion won and is currently negotiating to buy a 5,000~8,000 pyong piece of land in Munrae Dong in Seoul's Youngdeungpo County.