The HDC Shilla Duty Free Shop launch ceremony took place on May 25. The purpose of the joint corporation of Hyundai Development Company and Hotel Shilla is to get a license for a new duty free shop to be located in downtown Seoul.
The joint corporation has a starting capital of 20 billion won (US$18 million). Hyundai Development Company and its subsidiary Hyundai I’Park Mall contributed 25 percent each, while Hotel Shilla contributed 50 percent. A total of 350 billion won (US$316 million) is scheduled to be invested in the venture in its first year.
DF Land, which is the name of the duty free shop they are working on at Yongsan I’Park Mall, is expected to house 400 or so duty free stores along with concert halls, restaurants, and many more on the site with a total area of 65,000 square meters, with 27,400 square meters of it earmarked for duty free stores. A business hotel with 1,700 rooms is slated to be built by the mall as well. “Although DF Land is slightly smaller than the CDF Mall in Hainan, China, which is the largest of its kind in the world, DF Land differs from the CDF Mall in that the former is a duty free shop located at the center of an international city, whereas the latter constitutes a part of a resort complex,” the HDC Shilla Duty Free Shop explained.
The application for the license will be completed by June 1. SK Networks, Shinsegae, Hanwha Galleria, Hyundai Department Store, and E-Land are predicted to vie with HDC Shilla. Two companies are scheduled to be selected in the large corporation group in July.