Shinsegae Department Store is pursuing the acquisition of Lotte Department Store's Centum City store and plans to promote its "Shinsegae Town" concept through large-scale integrated development around Centum City. The business-combination filing was submitted to the Fair Trade Commission on the 29th, and the timing of the transaction's completion will depend on the outcome of the review.
Shinsegae Department Store has decided to acquire Lotte Department Store's Centum City store and announced plans to launch large-scale integrated development covering the Centum City area. The company plans to integrate its existing Shinsegae Centum City store with the acquired store and development site to create Shinsegae Town, featuring shopping, cultural, tourism, business and lodging facilities.
Shinsegae submitted a business-combination filing to the Fair Trade Commission. The transaction value was not disclosed as confidential, and the completion date will be determined by the progress of the review and related procedures. Lotte's store is expected to continue operating as usual until the transaction is completed.
The two stores are adjacent within the same block. After securing Lotte's store, Shinsegae plans to connect the space with its Centum City store, expand shopping and cultural content, and develop the C site within Centum City at the same time. The company plans to create a mixed-use complex including hotels, offices and residences, strengthening the area's function as an urban hub.
Since opening in 2009, Shinsegae Centum City has offered a range of facilities, including a spa and ice rink. In 2016, it became the first department store outside the Seoul metropolitan area to exceed KRW 1 trillion in annual sales. Annual transaction value exceeded KRW 2 trillion for the second consecutive year in 2023 and 2024, reaching approximately KRW 2,805,800,000,000 in 2024.