Lotte announces plans for multi-complex mall

Lotte Shopping, the retail arm of Lotte Group, said yesterday it has signed an investment agreement with Gyeonggi and Osan City to build a multi-complex shopping mall called Penta Village in southern Gyeonggi.

A total of 350 billion won will be invested by Lotte Shopping to build a shopping landmark on a 126,000-square-meter (31-acre) site in Busan-dong in Osan City

The retailer said Penta Village will be built based on five themes - shopping, culture, education, children and beauty. The commercial area will house a shopping mall, outlet, cinema, culture center and a children’s theme park. The groundbreaking will be next year, with construction scheduled for completion in 2017. Lotte Shopping said about 2,000 jobs will be created and more than 7 million consumers will visit every year.