By Kim Hyun-cheol
Staff Reporter

The nation's retail giants look set to fight it out to take over the shopping mall at Gangnam Express Bus Terminal in Seoul after Kumho Asiana Group announced it is to dispose of its stake as part of attempts to secure more liquidity.

Kumho plans to sell its 38.7-percent stake in the terminal operating company this month, and Lotte, Shinsegae and Hyundai have emerged as key candidates.

Hyundai Department Store is reportedly interested in buying Gangnam Express Bus Terminal through the takeover of its mother firm.

``We don't rule out a bid when Gangnam Terminal is officially put on sale,'' a Hyundai spokesman said.

It is estimated to be worth over 400 billion won ($319.4 million).

Adding to the mix is a renovation plan for the terminal, involving relocating it underground with a new, larger shopping mall to be built on top. The purchase of the current terminal could prove a shrewd investment that leads to a huge payoff.

``It's obvious once any of the possible contenders announce a bid, others will automatically follow,'' a brokerage analyst said on condition of anonymity.

``The situation is relatively flexible for Lotte because it has a development project for a logistics center going on nearby. But Shinsegae has no choice but to engage in a do-or-die battle, as any store of theirs to be set right beside its stronghold will seriously stir up its ground in the huge commercial district of Gangnam,'' the analyst said.

The stance of the Seoul government will be pivotal in the battle, as it has the final say in approving the project. The Seocho ward, in whose district the terminal is located, repeatedly asked for a relocation but Seoul City rejected the request, citing the absence of an alternative venue within the city.

hckim@koreatimes.co.kr