Magazines Archives - 2008 February

Taubman Asia set to revolutionise Korean retail scene
Story 11

TAUBMAN ASIA, a Hong Kong-based subsidiary of US retail developer Taubman Centers Inc, is set to challenge the South Korean retail scene with its two-storey mega mall in the Songdo International Business District (IBD) being developed in Incheon.

Called the Songdo International City, and labelled “the gateway of Northeast Asia”, the 1,500-acre IBD is a joint venture between US real-estate developer Gale International and Korean
steel company POSCO Engineering & Construction Co Ltd.

“[Taubman Asia’s mall in the IBD] will provide Korean consumers with an alternative experience to the standard department store, [which] lacks space, leisure facilities and amenities,” Morgan
Parker, president of Taubman Asia, told the local media.

Designed by renowned architect Daniel Libeskind, it will include “unconventional features”, breaking down “30-50 years of Korean retail history”. Parker said: “South Korea is an interesting market because there are over 50 million people and no real shopping centres to speak of.”

Koreans, he said, are “well educated, well travelled and increasingly sophisticated shoppers in terms of fashion and food” but there is a dichotomy between this sophistication, along with the growth desire of Korean retailers, “and the provision of retail venues for [the retailers] to expand into, for people to shop in”.

The 105,000sqm mall will house retail and entertainment facilities, such as a 10-screen multiplex cinema and an ice-skating rink, which can also be used as an entertainment venue. It will also
feature about 250 international and local brands, which will be imported directly from manufacturers abroad, so that prices remain reasonable for Korean shoppers.

“It is true that in this part of the world, shopping centres take on a very large entertainment role in society. Unlike Europe, Australia or the US, the Asian shopping centre takes on a heightened
role as a place where families and friends come together and spend the whole day, so the offer that you create takes on added significance,” noted Parker.


2008 February Stories:

Philips Lighting - Creating an inspiring shopping experience with flexible lighting

Vietnamese retail market expects US$54.3b growth

Sprake is retail director of adidas Korea

Rustan’s ‘Service before Sales’ mantra clinches GIA trophy

Osim ventures into A ‘final frontier’ Asia-Pac’s

Aditya Birla Retail plans to open up to 500 stores

Giordano to open 25 stores in India by end-2008

Hong Kong’s X’mas 2007 shopper traffic up by 11.8%

Versace making foray into India’s ladies fashion market

Coach to open flagship store in HK

Beijing financial district gets high-end fashion mall

Taubman Asia set to revolutionise Korean retail scene

Mall to boost East Malaysia’s retail scene

Ciputra invests in integrated Indon mall

Online course to help retailers reduce fraud

> Back To 2008 Archives

2008 January Stories:

Lotte acquires 49% stake in CTA Makro

Coach ventures out with new concept boutique in New York City

Sa Sa woos Singaporeans with loyalty card

Bharti Retail to set up shop in North India

Arch Angel gets feet well shod and cared for in personalised way

ION Orchard unveils six superbrand tenants

PRA recognises outstanding Philippine retailers

Aeon to open stores in Penang, Kuala Lumpur

Consumer confidence takes a dive for the year ahead in some markets

China’s secondary cities picking up credit-card use

Foocosa, GR Vietnam to open 500 c-stores

Paris-based Galeries Lafayette goes to China

S’pore sets aside S$750m to develop Next Gen broadband network

Online shopping challenge the role of retail staff

eBay partners rival Yahoo! Japan to encourage cross-border spending

> Back To 2007 Archives

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