E-Land looks to shopping mall business in ChinaE-Land Group said Sunday it opened the first Parkson-Newcore Mall in Shanghai. The company said it plans to open 10 shopping malls in major cities in China this year.
The shopping mall will house luxury and designer retail stores, restaurants and various kids zones. The company said it renovated a department store run by a Chinese company with 50,000 square meters of space. E-Land owns 51 percent of the mall while Parkson owns the rest. The company said about 200 brands will have stores in the mall and about 30 percent of them are businesses run by E-Land. The company is aiming for 15 trillion won in sales by 2020 from the mall business.