South Korean retail giant E-Land Group announced on Aug. 10 that it has established a joint venture with Parkson Retail Group, the leading retail group in Chinese-speaking countries, to open China’s first premium lifestyle shopping mall.
E-Land Group Vice Chairman Park Sung-kyung had a joint venture signing ceremony at the Parkson Retail Group headquarters in Kuala Lumpur, Malaysia, on Aug. 5, along with Parkson Retail Group Chairman Cheng Heng-jem.
A representative of the South Korean company said that it will be in charge of managing the joint venture with a 51 percent share, while the Malaysia-based group holds a 49 percent share. Also, the two companies agreed to switch over from Parkson Retail Group’s department store to a multiplex shopping mall. The shopping mall is tentatively named "Parkson-New Core Mall."
The first mall will be opened in Shanghai in Nov. after changing the Qianshan branch of the Parkson Retail Group’s department store in the Changning district. It is approximately 50,000 square meters in total retail area with two wings – East and West.
The East Wing will house global luxury brands and high-end lifestyle brands, while the West Wing will offer more than 250 global SPA fashion brand stores and restaurants.
E-Land and the Parkson Retail Group have presented the blueprints to open an additional 10 malls by the end of next year and expand the premium lifestyle malls throughout Asia.
Currently, E-Land operates around 7,300 apparel stores of its 44 brands in China. The Parkson Retail Group has an extensive network of 60 stores covering 34 major cities in China, while running a total of 127 retail stores in Asia, including Malaysia, China, Vietnam, Indonesia, and Myanmar.
As the world’s largest content firm, E-Land plans to open 100 overseas stores throughout Asia, including China, by 2020, through strategic partnerships with numerous retail firms in Asia in the future.