Shinsegae to invest 1.9T won to expand market presenceShinsegae Group plans to invest 1.9 trillion won ($1.64 billion) and hire 8,000 new workers to expand its market presence, a corporate source said yesterday.
The group plans to increase the size and number of stores, said the source, who asked for anonymity.
The group, which operates Shinsegae Department Store and E-Mart, will move to build a new premium outlet in the new year to augment those already in operation, he added.
The remarks come after Chung Yong-jin, the retailer’s vice chair, said in a New Year’s message that Shinsegae must strive for growth through investment despite difficult times.
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