Shinsegae Simon will open its third premium outlet in Korea's second largest city of Busan, Thursday, targeting consumers fond of high-end fashion brands in the southeastern part of the country.
The new outlet features 184 shops, including luxury fashion brands and casual living and outdoor brands, on a 155,000 square-meter site.
Shinsegae Simon, a joint venture between Korean retail giant Shinsegae and the U.S.-based Simon Property Group, has been running two premium outlet malls in Yeoju and Paju, Gyeonggi Province. The Yeoju mall, which opened in June 2007, was the country's first premium outlet. The Paju store went into operation in March 2011.
The company said its Yeoju and Paju stores have been successful, adding that the Busan outlet will continue its success story by attracting both Korean and non-Korean shoppers by offering high-quality products at competitive prices.
High-end fashion brands include Coach, Marc Jacobs, Ermenegildo Zegna, Isabel Marant and Roberto Cavalli, as well as an assorted mix of foreign brands including Theory, Vanessa Bruno and DKNY. The store also offers diverse shopping amenities, including a food court and a safari playground.
To celebrate the opening of the Busan outlet, Shinsegae Simon will launch a sales promotion "Grand Opening Celebration" on Aug. 29 and will continue through Sept. 19. Nearly 100 stores will participate in the event, including Adidas, Coach, and Calvin Klein.
Customers can receive extra savings of up to 65 percent and can enter lucky draw events throughout the promotion. Prizes will include a BMW mini, luxury designer handbags and high-quality fashion vouchers. In addition, various entertainment events will be held every weekend, such as a musical gala show and street performances.
"We have been accumulating knowhow on how to run premium outlets in Korea over the past six years," said Kang Myung-koo, CEO of Shinsegae Simon. "Our Yeoju and Paju stores have been very successful. I have no doubt that our Busan mall will be a trendy shopping and entertainment destination for both residents and visitors."
He also expects the new store will create positive synergy with the department store and other Shinsegae Group units in Haeundae, drawing over 6 million customers annually.
Kang said the Busan outlet will create a total of 1,200 jobs and bring about economic effects worth 500 billion won annually for the regional economies.
''We will be involved in an array of charitable activities in Busan to help revitalize local communities. We have generated hundreds of new jobs for local residents and have made donations to help improve the livelihoods of the underprivileged in the area, including children of low-income families and senior citizens,'' the CEO said.
For more information on Shinsegae's Busan premium outlet, visit its website (http://m.premiumoutlets.co.kr/busan).