Shinsegae Department Store announced that it will acquire Lotte Department Store's Centum City store. It plans to link the existing stores and undertake large-scale mixed-use development around Centum City as “Shinsegae Town.”
Shinsegae Department Store announced on 29 October 2026 that it would acquire Lotte Department Store's Centum City store and outlined plans to integrate and operate the adjacent Lotte store and the existing Shinsegae Centum City, creating a mixed-use complex, “Shinsegae Town,” bringing together shopping, culture, tourism and entertainment.
The two stores are adjacent within the same block and have competed across a dividing wall. The plan is to reorganise this arrangement and expand the area around Centum City into a large-scale lifestyle hub. The acquisition is intended to improve connectivity between the sites and develop the area into a global shopping and cultural destination.
Development of the C site will also accelerate. Construction is targeted to begin next year. The previous plan to divide the 22,912-pyeong site into 3 sections will be revised, and the site will be developed together with the adjacent stores as a mixed-use complex including a hotel, offices and residences.
Lotte Department Store said it would finalise the sale of the Centum City store and its closing schedule after the review. It also said that, after the acquisition, the store would continue operating normally until completion of the transaction and that it would consider measures including employee transfers.