Premium outlet opens in South Korea
A joint venture between Simon Property Group and Shinsegae Group has opened a new premium outlet in South Korea.
Busan Premium Outlets is the joint venture’s third in the nation after Yeoju and Paju Premium Outlets.
It features architectural design inspired by the Tuscany region of Italy and houses 180 outlet stores offering every day savings of up to 65 per cent.
The JV is said to have invested US$148 million in the 343,000 sqft of retail space.
A mix of high-end fashion brands such as Coach, Ermenegildo Zegna, Isabel Marant, Jill Stuart, Marc Jacobs, Roberto Cavalli and Vivienne Westwood as well as casual lifestyle, sportswear and home fashion brands including Adidas, Calvin Klein, Coleman, DKNY, Lacoste, Le Creuset, Puma Golf, The North Face and Theory are available at the new premium outlet.
Amenities also include a food court and a safari-themed play area.
“Busan Premium Outlets will uniquely serve area residents and visitors, offering high-quality brands at great savings in an upscale environment,” said John Klein, president of Simon’s Premium Outlets division.
“This project also created hundreds of new jobs and brings significant economic development to the area,” adds Klein.
Real estate company Simon Property Group has 81 premium outlet centres worldwide.