Korea’s largest retailer to invest 3.1 billion in malls and online

Shinsegae Group, South Korea’s largest retailer, plans to invest a record amount of 3.35 trillion won (3.1 billion dollars) in multi-shopping malls and online businesses, group officials said earlier this week.

As highlighted by the ‘Korea Herald’, this sum doubles last year’s investment budget of 2.2 trillion won, and it is, as well, a 46 percent climb from 2.3 trillion won in 2013, the highest value on record.

“Through the massive investment, we hope to stimulate the domestic economy and find future growth, amid slowing market conditions,” a group spokesman said in a statement.

The retailer, which said it was considering increasing the investment even more “depending on market conditions.”

This year it is largely focused on building multi-shopping complexes in satellite cities of Seoul, including Incheon, and expanding its department store in Gangnam-gu, according to the company.

“We’ll actively take in foreign investments for large-scale projects, such as multi-shopping complexes,” the officials said.

The group’s 2015 investment plan is part of its 10-year business blueprint, “Vision 2023,” which aims to inject 31.4 trillion won into multishopping malls and online platforms to generate 88 trillion won in sales by 2023.

Shinsegae Group is currently focusing on opening fashion-oriented premium outlets across the country, including dining facilities and cinemas.