Korean retail conglomerate Lotte Group has made a deal with Incheon Free Economic Zone Authority to build a mega shopping complex worth one trillion won (US$872 million).

According to the Korea Herald newspaper, the ground breaking ceremony will take place in the fourth quarter of this year in Songdo, adjacent to Korea’s largest international airport. The shopping complex – to be spread across 442,000sqm – will be home to a department store, retail shops, discount supermarket, hotel and cinema.

According to Lotte Asset Development CEO Kim Chang-kwon, the new shopping complex in Songdo will be 50 per cent larger than its recently opened shopping complex at Gimpo International Airport.

“We will contribute to the local economy by creating at least 3000 jobs as we did through the Gimpo project,” said Chang-kwon.

Songdo is also the chosen location of E-Land for its department store to be opened later this year.