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| Hyundai Development Company CEO Chung Mong-gyu speaks at a press conference at the I'Park Mall near Yongsan Station, Seoul, Monday. / Yonhap |
During a press conference marking the firm's 10th anniversary, Chung unveiled a "Vision 2020," which outlines HDC's business strategies over the next five years. Among them, the company will advance into the duty-free industry and foster its retail unit.
"We will do whatever it takes to obtain a license from the government in order to operate a duty-free store in Seoul," the CEO said during the conference held at the I'Park Mall near Yongsan Station, central Seoul.
The government has said it will allow the opening of two new duty-free shops in Seoul in the first half of the year in a bid to better serve the surging number of Chinese and other foreign tourists. Lotte, Shilla, Shinsegae, Booyoung and other companies have expressed interest in acquiring the rights to operate the stores.
"Existing duty-free shops in downtown Seoul have been facing a shortage of parking and other obstacles," Chung said. "The I'Park Mall owns a huge empty lot nearby, which can be used as a parking lot. The mall is near Mt. Nam and other popular tourist sites. If a large-scale duty-free shop opens at the mall, it will be one of Seoul's shopping landmarks."
HDC plans to spend 100 billion won ($91 million) to open an 8,500-square-meter duty-free shop on the third and fourth floors of the I'Park Mall if it is allowed to do so.
In addition, the CEO said he will boost the revenue of I'Park Mall to 1.2 trillion won by 2020 and turn it into one of the largest shopping malls in Asia. "We will also operate a youth football program and build a football stadium on top of the Yongsan mall," he said. Chung is president of the Korea Football Association.
HDC will open its second mall, dubbed "I'Park Marina," in Haeundae, Busan, in 2018. The company also plans to complete the construction of a shopping mall in Shandong, China, the same year, in cooperation with its Chinese partners.
