H&M, International Fashion Retailer Comes To Korea

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2009-02-26 14:19

서울--(뉴스와이어)--H&M has leased more than 2,960 square meters (895pyong) over 4 floors of sales area in Noon Square, an 8 storey storey mega mall in Myungdong, Seoul.

“We look forward to establishing in Seoul South Korea, an area with a great interest in fashion and purchasing power. We have positive experiences from our establishments in Japan, Hong Kong and China and thus look upon South Korea as a natural consecutive step”, says Rolf Eriksen, CEO at H&M.

Savills Korea Retail Services Director, Mr Leighton Hunziker, who facilitated H&M’s entry stated that H&M was attracted to Noon Square because of its strong retail positioning and attractive architectural design. “Noon Square is situated at the gateway entrance to Myungdong, the main shopping area of Seoul, and enjoys shopper traffic of more than 500,000 locals and tourists per day. In addition, it boasts a large floor area that met H&M’s unique requirements, making it a perfect choice for H&M..With the building owner being an experienced international investor, we have faith that the project will be a success”

Noon Square, formerly The Avatar Mall Myungdong, is managed and co-owned by the Pacific Star Group, a global real estate investment firm headquartered in Singapore, and Woori Bank, a leading financial institution in Korea. Pacific Star together with local asset manager Koramco are developing Noon Square to be Korea’s first premium international retail Mall. Featuring H&M, Zara, CGV Cinema, international and local cuisine, plus many other well known global and new to market brands, Noon Square is poised to offer discerning shoppers a unique and refreshing shopping experience in Seoul.

Desmond Chan, Senior Vice President of Pacific Star Asset Management elaborates, “The Pacific Star Group holds an exceptional track record in real estate enhancement, having transformed and revived retail and office properties in Singapore and elsewhere in Asia. Noon Square has given us another opportunity to create value in a quality asset within a prime location. We are delighted to welcome H&M to Noon Square, and are positive their entry will enhance and complement our retail mix, and allow us to achieve our objective of creating a unique shopping experience.”

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