Shinsegae Simon to open new premium outlet in Uijeongbu

Shinsegae Simon said yesterday that it signed a memorandum of understanding (MoU) with the United States’ Simon Property Group on Friday in New York along with the City of Uijeongbu and the Gyeonggi provincial government to build a premium outlet.

The company, a joint venture between Shinsegae Group and Simon Property Group, said that $100 million will be invested to build the outlet on 130,000 square meters (32 acres) of land in Sangok-dong, east Uijeongbu, which is about an hour drive from Seoul. It is scheduled to be finished by December 2018.

Since 2007, Shinsegae Simon has opened premium outlets in Yeoju and Paju in Gyeonggi and in Busan. The company expects the opening of the Uijeongbu Premium Outlet will create at least 1,000 jobs and that five million people will visit the shopping outlet per year.