Tuesday, August 6th, 2013
The group's investment for the year is more than 10 percent higher than last year's 2.2 trillion won and about 500 billion won more than the amount announced early in the year. It had already disbursed 1.5 trillion won during the first half, with the remaining 1 trillion won to be expended in the latter half. The company may spend more than 2.5 trillion won if deemed necessary.
Shinsegae vice chairman Chung Yong-jin said, "We decided to get aggressive in investment as part of our effort to help economic recovery even though the economy's outlook is still uncertain. Given the nature of retail business catering mostly to the domestic consumers, we expect that our additional investment could contribute to creating more jobs."
According to the second-half business plan, Shinsegae will keep investing in shopping malls in such locations as Hanam (suburban town southeast of Seoul), East Daegu (transportation center), and Busan (Centum City).