Seoul to build new underground shopping mall near COEX

A giant multifunctional stadium and ballpark stand in Samseong-dong, southern Seoul, will be demolished to make way for a large underground shopping mall and facilities for international meetings, conferences and exhibitions. / Korea Times photo by Park Si-soo

By Park Si-soo

Seoul plans to build a giant underground shopping mall next to the COEX’s sprawling underground shopping mall in Samseong-dong, southern Seoul, to foster the area as a centerpiece of the nation’s meetings, incentive trips, conferences and exhibitions (MICE) industry.

The area already has several five-star hotels, convention centers, shopping and recreational facilities, including a foreigner-only casino.

It also has an express bus terminal through which visitors can have quick and convenient access to Incheon International Airport. Hyundai Motor is building its new 115-story head office there, which will be completed by 2020.

“We are working closely with the central government to progress the project smoothly,” a Seoul City official said. “We will unveil a concrete picture of the plan by the end of the year.”

An industry observer said details of the plan have yet to be drawn, but Seoul City has strong commitment so that the project will take shape quickly.

He said the new mall would be built under a plot of land, in which a giant multifunctional stadium and a ballpark were built for the 1988 Seoul Olympics. The two stadiums will be destroyed to build MICE-related facilities, he said.

Another observer said it would take some time for the project to take shape because there are many issues that need to be settled, including ownership of the land in question.

It had been speculated that the Korea International Trade Association (KITA), which owns and manages COEX mall, will be held responsible for building and operating the new underground shopping mall. But a KITA spokesman denied this.

The government has tried to nurture the MICE industry as a new growth engine due to its high profitability, employment effects and far-reaching impact on other industries, especially tourism. Along with Samseong-dong, the government is trying to raise Incheon, a port city west of Seoul, as another MICE hub.

The Ministry of Land, Infrastructure and Transport recently decided to redesign its city development policies to be friendlier to the MICE industry, reflecting the government’s commitment to it.

Korea hosts an increasing number of MICE-related events.

The annual number of international events hosted by Korea rose from 185 in 2006 to 563 in 2012, accounting for 5.6 percent of the world total. Singapore was the largest host with 952 events last year, followed by Japan with 731 and the U.S. at 658, according to the Union of International Associations.