Shinsegae to operate COEX and CALT malls in Gangnam

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Shinsegae to operate COEX and CALT malls in Gangnam

Shinsegae Group will become the operator of COEX Mall and the adjacent CALT shopping arcade in Samseong-dong, southern Seoul, after an official signing process with the Korea International Trade Association (KITA) on Friday.

KITA is the current owner of the two venues. The confirmation came three months after Shinsegae Property, the shopping mall operating arm of the retail giant, was selected as the preferred bidder on July 28.

Shinsegae said the two sides conducted a physical inspection of the venue, which can house as many as 320 shops, from Aug. 11 to Sept. 9.

Shinsegae Group expects the lease profit to be around 66 billion won ($ 58.3 million) this year.

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