Shinsegae Simon to support small business owners in Yeoju

[Courtesy of Shinsegae Simon]

Shinsegae Simon, the operator of Shinsegae premium outlets, is gearing up to open a large shopping complex in cooperation with small business owners in Yeoju, Gyeonggi Province.

Shinsegae Simon announced on Wednesday that it will revamp the ‘Yeoju 375 Outlet’ for small business owners, which faces Yeoju Premium Outlets, into ‘Yeoju Premium Village’ and officially open it on May 31st, 2024.

Yeoju Premium Village is the result of Shinsegae Simon’s efforts to expand Yeoju Premium Outlets into a mega shopping complex while taking the challenges faced by small business owners, who struggle to compete independently, into consideration.

The emergence of large-scale shopping malls in the greater Seoul area as well as the widespread adoption of online shopping are contributing to a sense of crisis. Yeoju 375 Outlet in particular faced significant challenges, with a vacancy rate exceeding 50 percent during the Covid-19 pandemic. In response, Shinsegae Simon formed a dedicated team (TF) in collaboration with the Yeoju 375 Outlet Merchant Association in 2022, which focused on constructing a shopping mall to help support their business.

The newly opened Yeoju Premium Village will benefit from Shinsegae Simon’s expertise, as the company will provide specialized manpower in various sectors including design and brand attractiveness. The complex will span a total of 26,400 square meters, with plans to feature around 120 brands, predominantly focusing on mid-range prices and brands that are popular among young consumers.