Hyundai to Develop Tourism in Gangnam

by YuGee / Oct 27, 2016 06:48 AM EDT

SEOUL, SOUTH KOREA - MARCH 4: A big Digital Multimedia Broadcasting (DMB) mobile phone is displayed at the Coex mall shopping district on March 4, 2006 in Seoul, South Korea. Seoul has a population of 10,297,004 as of the end of 2005. This accounts for ab

On Wednesday, Hyundai Department Store announced that it plans to invest 30 billion won (US $26.4 million) over the next five years in order to develop tourism in Gangnam District in Seoul, specifically areas around the COEX Mall.

A report from Korea JoongAng Daily stated that the project will be managed and conducted together with the Gangnam District Office and the Korea International Trade Association.

Hyundai runs a department store in the area and is aiming to open a duty-free shop once it receives a government license in December. The company's focus also plans on highlighting the cultural assets of the Gangnam District. Even though more tourists go to Gangnam because of its modern and trendy tourist spots, it is not yet much developed for tourism when compared to central Seoul.

Another plan of Hyundai is to develop more spaces that are dedicated to Korean idol stars. The headquarters of big and popular entertainment agencies such as SM and JYP Entertainment are located in Gangnam.

The Hyundai Department Store also intends to build an "idol theme park" in front of its COEX branch. The said theme park will have artwork and photo zones. It will also discuss with the district office to expand the K-Star road between Apgujeong-dong and Cheongdam-dong. A spokesman from the company said, "The intention is to attract young foreigners who are familiar with Korean celebrities by improving the area's existing K-wave assets."

The plan also includes new tourism programs that focus on sightseeing in Gangnam featuring the Bongeunsa Temple and the Seolleung Royal Tomb, and the traditional sites in the center of packed office districts, and creating tours of the district's traditional restaurants.

Lee Dong Ho, the CEO of Hyundai Department Store said, "We noticed a shortage of tourism content and infrastructure in the district. There is no way duty-free shops in Gangnam can strive as a tourist site if the area fails to attract foreigners."