February 29, 2016 11:14
Shinsegae Department Store is opening yet another new mall next to its Centum City department store in Busan on Thursday.
Shinsegae aims to make its shopping centers a landmark in the southern port city, it said Sunday.
Centum City is already registered as the world's largest department store in the Guinness Book of Records and the new mall will increase the area of Shinsegae stores by 50 percent to a total of 198,462 sq.m.
The new mall will contain a duty-free shop and children's amusement facility as well as some 60 luxury brand stores like Armani, Bulgari, Ferragamo and Rolex.
Shinsegae generated sales of W902.7 billion at the Centum City store last year and aims to achieve more than W1 trillion in revenues this year with the opening of the new mall (US$1=W1,238).
Jang Jae-young, the CEO of Shinsegae's department store business, said, "We have high hopes since record numbers of foreign visitors are expected in Busan this year, with 270 cruise ships scheduled to dock in the port city, four times more than last year."
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