GoodMorning City is the biggest shopping center in DDM and it has 17 levels. On level 9, you can find Megabox DDM and it has 8 movie theaters. GoodMorning City & Lotte's aggressive marketing strategy may threaten the existing malls like Doota, Migliore. But in the long term, this will help the whole DDM market come out of a long-term depression and will change the operation system of other malls in the area. Maybe they might also find some specialty retailers like Shinsegae. You never know.
Lotte is making its move to Dongdaemun market. One of the many affiliates of Lotte, Lotte Asset Development will rent 9 floors of the biggest shopping mall in this area, GoodMorning City. Lotte AD will use from the basement level 2 to level 7. Unlike the other shopping centers in Dongdaemun (or DDM), Lotte will operate the department store system here, and as this area is crowded with young people, the concept will be a young city center fashion mall. So, you can meet some young casual brands and fast fashion brands which can be found in many department stores. Zara seems to be using the most of the first floor.
GoodMorning City is the biggest shopping center in DDM and it has 17 levels. On level 9, you can find Megabox DDM and it has 8 movie theaters. GoodMorning City & Lotte's aggressive marketing strategy may threaten the existing malls like Doota, Migliore. But in the long term, this will help the whole DDM market come out of a long-term depression and will change the operation system of other malls in the area. Maybe they might also find some specialty retailers like Shinsegae. You never know.
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This winter has been damning cold but the construction of IFC Seoul has never been stopped. The exterior of the Conrad Seoul building is almost finished and the windows of One IFC can't be more sparkling. The construction of the IFC Mall is quite active too and three big SPA brands - ZARA, H&M, and Abercrombie & Fitch - are going to open here in this year.
USD 4.5 billion is not just a small number we can talk about. South Korea has become a battlefield for the global SPA (Speciality retaller of Private label Apparel) brands to win the money. Uniqlo from Japan in 2006, Forever 21 from USA and Zara from Spain in 2008, and H&M from Sweden in 2010...that was just a beginning. Abercrombie & Fitch (A&F) is looking for a site for their first flagship store, and Topshop is negotiating with Cheil Industries for its launching. The launchings of the SPA brands have been quite successful, so the Korean SPA market is considered to have a growth potential.
A&F's first store will open in the IFC Mall in which Zara and H&M will also open their new gigantic stores. A&F will bring their main brand "Hollister" first, and then launch "A&F". Forever 21 have a plan of opening its second store in Garosu-gil. FYI, Uniqlo Korea's revenue in 2010 was KRW 250 billion (USD 220 million), and the Zara store in COEX earned the most revenue among all the Zara international stores. |
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