Shinsegae to build new malls

Korean company Shinsegae plans to open new retail developments to revitalise sluggish domestic retail market.

The company will spend another 1 trillion won (US$898 million) for the rest of the year to build new shopping malls and renovations of its E-Mart supermarket stores.

“Despite economic uncertainties in Korea and abroad, we have decided to invest more actively in order to help the sluggish economy get back on track,” said group vice chairman Chung Yong-jin.

The new budget will take the company’s total investment this year to 2.5 trillion won (US$2.2 billion) having spent 1.5 trillion won in the first half.

The new developments are expected to create 7000 new jobs.

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