The "Masta Building" near Hongdae Ipgu Station in Seoul is being transformed into a large K-beauty complex store. Formerly used as the headquarters of Rinnai Corp., the building went through multiple failed auctions and sales.
According to the industry on the 11th, an H&B (health and beauty) store, "Hongdae K-beauty Mega Festa," with a total floor area of about 3,305 square meters (1,000 pyeong), is set to open on the first floor and basement level one of the Masta Building near the Donggyo-dong three-way intersection in Seodaemun District, Seoul. The planned opening date is July 17.
The store aims to host about 400 domestic and international beauty brands. So far, roughly 250 brands have expressed interest in participating. The operator plans to confirm each brand's intention to join by the 12th and finalize the list of brands and sign contracts by the 25th.
In 2012, Acacia Hotel acquired the Masta Building for 50.5 billion won, but it later went to auction due to financial difficulties. After several failed bids, creditor Daesung Property won the fourth auction but could not pay the balance. Ultimately, in the fifth auction in 2017, Masta Automobile Management bid 46.3 billion won to become the final owner. In 2020, it was put back on the market at about twice the purchase price, but the sale did not go through.
A Masta Automobile Management official said, "After putting the sale on hold due to the impact of COVID-19, we have been reviewing options to operate the building directly," and noted, "Early this year, we selected an H&B store as a core business item."
Some floors of the Masta Building are slated to host a tourist hotel. Interior construction related to the hotel is expected to be completed around September–October. In addition, global dining brands and premium hair salons are also reportedly set to move in. A company official said, "We will create a multiuse commercial space that can attract not only locals but also foreign tourists visiting Hongdae."
According to the tenant proposal, the first floor will feature a main brand zone, a VIP lounge, and a consultation desk tailored for Chinese tourists. The central area will include a product experience zone and a photo zone for social media (SNS) shoots.
Basement level one will place a Southeast Asia popular brand zone at the front, with the remaining space organized into category zones such as skincare curation, makeup, and hair and body care.
A beauty industry official said, "Hongdae is a commercial district that consistently draws foreign tourists with strong interest in K-beauty," adding, "The key is whether a large building in the Hongdae market can establish itself as a K-beauty platform with real pulling power."