On the 5th, Shinsegae Simon announced that, marking its 20th anniversary, it will leap into a 'Premium Outlet 2.0 Era' through the expansion of the Yeoju and Siheung locations and the opening of new outlets in key commercial areas.
Shinsegae Simon is a corporation established in June 2005 through a joint investment of Shinsegae Group and Simon Property Group, opening the country's first suburban outlet, 'Yeoju Premium Outlet,' in 2007. Shinsegae Simon plans to expand the Yeoju location by 2027 to the level of the Woodbury Common Premium Outlet in the United States and the Gotemba Premium Outlet in Japan.
The Yeoju location will add 10,000 square meters of new space to the existing operating area of 53,400 square meters. Including the co-prosperity shopping center village area of 26,400 square meters, it will be developed into a 'super-large shopping town' with an operating area of approximately 90,000 square meters (about 27,300 pyeong), aiming for trillions in sales (retail transaction amount), a first among single stores in domestic premium outlets.
In addition, the Siheung location, closely connected to the city, will be newly developed as a premium outlet that consumers can visit every day through space curation. Furthermore, new openings in key metropolitan commercial areas are under review, alongside plans for new business expansions.
On that morning, Shinsegae Simon held a commemorative event at Shinsegae Namsan for its 20th anniversary, including awards for outstanding employees. Kim Young-seop, CEO of Shinsegae Simon, said in a speech, "We have been leading and growing the premium outlet industry based on the 'first and highest customer value DNA.' Let's create a global top-level Premium Outlet 2.0 that reflects the essence of the business together."