New shopping complex planned at Ulsan Station
The company said on Tuesday that it has signed a memorandum of understanding with the Ulsan city government to build the complex by 2018.
Lotte Shopping submitted a business proposal to build on the area surrounding Ulsan Station, in South Gyeongsang, in June.
The plan includes moving walkways, parking lots and other facilities that link the railway station with the shopping complex, as well as a shopping mall, movie theater and kids’ theme park. It will have one basement level and four floors with a total floor area of 180,468 square meters.
Ulsan’s population has scored the highest in terms of personal income, according to the Ministry of Employment and Labor. However, there is less competition compared to big cities such as Seoul and Busan. Ulsan presently has only one Lotte Department Store and two Hyundai Department Store branches.
The company said it will contribute to the local economy while carrying out the project. The western part of Ulsan, where the station is located, is considered a less developed part of the city.
The western area accounts for 70 percent of Ulsan, but only 20 percent of Ulsan citizens live there.
“While Lotte carries out the project, we will pursue joint construction projects and build a separate branch unit in the city,” said Noh Yoon-cheol, director of the new business division at Lotte Department Store, which belongs to Lotte Shopping.
Lotte has set its sights on connected shopping malls near railway stations. Chairman Shin Dong-bin of Lotte Group suggested building shopping centers integrated with stations in India’s New Delhi, Mumbai and Chennai during his meeting with Indian Prime Minister Narendra Modi in August.
BY PARK EUN-JEE [email@example.com]
More in Industry
No dial tone for 2G services on LG U+ starting in June
Ironing out an air corridor took decades
Kia reinvents itself, promising 'movement that inspires'
Hanwha Energy teams up with France's Total in U.S.
Scatter Lab investigated, but not for odd messages