Hyundai Department Store’s D-CUBE City set to close

Hyundai Department Store’s D-CUBE City. [Courtesy of Hyundai Department Store]

Hyundai Department Store’s D-CUBE City, which boasts annual sales exceeding 200 billion won ($145 million), is on the verge of closing its doors after over a decade in operation.

According to industry sources on Sunday, Hyundai Department Store sent an official letter to its D-CUBE City tenants requesting that their lease agreements be amended to terminate by the end of June 2025. A Hyundai Department Store official confirmed that “the building’s owner, IGIS Asset Management, plans to repurpose the property for office and other business facilities, leading to the end of our operations in June 2024.”

An industry insider added, “Typically, lease agreements are renewed on a yearly basis. However, Hyundai Department Store has proposed shorter renewals ending in June 2025, indicating a high likelihood that D-CUBE City will close by then.”

D-CUBE City is strategically located at Sindorim Station, a transfer station for Subway Lines 1 and 2 that attracts a daily foot traffic of about 130,000 people. Despite this high traffic volume, the store reported sales of 106.9 billion won in the first half of 2024, down 7.2 percent on-year.