The Mastar Building, long cited as a prominent long-term vacant property near Hongdae Ipgu Station in Seoul, will be transformed into a large K-beauty multi-brand store. Formerly used as the headquarters of Rinnai Corp., the building went through multiple failed auctions and sales attempts and has been called the "vacancy horror story" of the Hongdae commercial district.
According to industry sources on the 11th, the first floor and basement level one of the Mastar Building near the Donggyo-dong three-way intersection in Seodaemun District, Seoul, will house the 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). The opening is set for July 17.
The store aims to bring in about 400 domestic and international beauty brands. So far, about 250 brands have expressed interest in participating. The operator plans to confirm each brand's intention to participate by the 12th and finalize the list of brands and complete contracts by the 25th.
The Mastar Building was acquired by Acacia Hotel in 2012 for 50.5 billion won, but later went to auction due to a cash crunch. After several failed bids, Daesung Property, the creditor, won the fourth auction but could not pay the balance. In the fifth auction in 2017, Mastar Car Care bid 46.3 billion won to become the final owner. In 2020, it was put back on the market at about double the purchase price, but the sale did not go through.
A Mastar Car Care official said, "After putting the sale on hold due to the impact of COVID-19, we have been reviewing plans to operate the building ourselves," and noted, "Early this year, we decided to make an H&B store our core business item."
The company also plans to build a tourist hotel on some floors of the Mastar Building. Interior work for the hotel is expected to wrap up around September–October. In addition, global dining brands and a premium hair salon are reportedly set to move in. A company representative said, "We will create a mixed-use 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 to Chinese tourists. The central area will include a product experience zone and a photo zone for social media (SNS) shooting.
Basement level one will place a Southeast Asia popular brand zone up front, with the remaining space organized into category zones such as skincare curation, makeup, and hair and body care.
An industry official said, "Hongdae is a commercial district that consistently draws foreign tourists highly interested in K-beauty," adding, "The key question is whether a large building that had remained vacant for a long time can establish itself as a K-beauty platform with real pulling power."