SOUTH KOREA. King Power Group, one of the world’s largest duty free retailers, is in talks to develop South Korea’s biggest outlet mall at Shinjang-dong and Changwoo-dong in Hanam City, near Seoul.
Hanam City Mayor Hwang Sik Kim and King Power Group Managing Director of Duty Free and Travel Retail Sunil recently signed a memorandum of understanding (MOU) for the ambitious development project.
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South Korea is a key target market for King Power. Managing Director Antares Cheng (left) and Managing Director Duty Free and Travel Retail Sunil Tuli recently created a new subsidiary there |
The complex is expected be a landmark representing southeast Kyonggi province, comprising a transportation facility, cinema park and cultural facilities as well as the outlet mall. Hanam City hopes that the project will create more than 20,000 jobs.
A number of key personnel from King Power Group, including Vice President Ricky Li, also visited Hanam City for the signing ceremony.
After the ceremony the investment group made a site tour under Mayor Kim’s guidance.
King Power – which is no relation to King Power Thailand – operates duty free and general retail stores in mainland China, Macao, Singapore and Japan.
In February it announced the creation of a subsidiary called King Power Group Korea, which will target both duty free and duty paid opportunities.
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