[단독] E-Mart, the ‘hot restaurant district’ ​​in Jongno, is making a complete change… Will I no longer be able to see the restaurant of my memories? [길 위의 자영업자②]

2024-04-02 06:08:13

Enlarge photo Gran Seoul, Jongno-gu, Seoul. [사진 = 배윤경 기자]

Shinsegae Property, a subsidiary of E-Mart, will transform Gran Seoul 1-dong, Jongno-gu, Seoul. This place was once home to many small businesses focusing on Korean food, following the legacy of ‘Pimatgol’ in Cheongjin-dong, Jongno.

As a result of coverage by Maekyung.com on the 1st, KORAMCO, the operator of KOCREF Cheongjin No. 18 consignment management REITs, of which the National Pension Service is the largest shareholder (99% stake, KORAMCO Asset Trust 1%), ahead of the expiration of GS E&C’s lease for Grand Seoul Building 1. The asset trust decided to begin large-scale remodeling following reviewing ways to utilize the Cheongjin shopping district.

The 1st basement level to the 4th floor above ground in Gran Seoul Building 1 have been operated under the name of Cheongjin Shopping Center. Previously, there were predictions that GS Engineering & Construction would pack up and carry out a large-scale renewal at the end of this month following leasing this place for 10 years.

It is known that the National Pension Service and KORAMCO Asset Trust have been looking for an operator through presentations (PT), considering that the operation of the Cheongjin Shopping Mall has been sluggish compared to the nearby D Tower.

Accordingly, large-scale remodeling is expected to take place, with a construction period of approximately one year. This place is closed during construction.

Shinsegae Property will be in charge of managing the commercial facilities in Gran Seoul Building 1 following construction is completed. We decided to take charge of product development (MD) as well as creating a physical environment.

Enlarge photo Grand Seoul Cheongjin Shopping Mall. [사진 = 배윤경 기자]

Shinsegae Property, which has been in charge of E-Mart’s major development projects, is a company that has proven its capabilities by operating Starfield Goyang, Suwon, Anseong, and Hanam. Since 2021, comprehensive real estate development has been in full swing and the new business portfolio has been expanded through various consignment development operations such as Centerfield, Starfield Village, and Starlet Seongsu. Construction of Starfield Cheongna & Dome Stadium, Hwaseong International Theme Park, and East Seoul Terminal are also in progress.

In December last year, a subsidiary, Shinsegae Property Investment (Shinsegae REITs), was created through 100% investment. As of this month, the company plans to appoint Seo Cheol-soo, former CEO of NH Nonghyup REITs Management, as its new CEO to begin REIT operations in earnest.

Through this, we expand our business portfolio from real estate development to real estate facility management (PMC) and real estate asset management (AMC).

Some say that as Cheongjin Shopping Street, which had the motto of ‘Pimat Valley’, a space for common people who gathered in the alleys to avoid high-ranking officials on horseback, is changing into a new restaurant arcade, all the restaurants with the unique colors of Cheongjin-dong are disappearing. It is pointed out that

As large-scale buildings were built one following another due to the redevelopment of Cheongjin-dong in Jongno, Pimatgol disappeared into history, but the ‘Pimatgol spirit’ has continued for a long time, with a food village exclusively serving Korean food in Gran Seoul running for a time.

Cheongjin Shopping Mall stores currently operating in Gran Seoul have either already closed or will cease operations at the end of this month. In the past, the exterior and environment were created based on the appearance and atmosphere of Pimatgol, but the legacy has been lost.

Self-employed people who run stores in Cheongjin Shopping Mall hope to continue doing business there.

Meanwhile, it has been reported that a person in charge has been appointed within Shinsegae Property and has begun to understand related work. A lease contract with a store company is scheduled to be signed with KORAMCO Asset Trust following construction is completed, but Shinsegae Property, which will propose product planning (MD), is said to be putting a lot of thought into it because most of the companies located in the existing Cheongjin shopping mall are small business owners.

In relation to this, Shinsegae Property said, “We cannot answer how we will operate internally as this is before the main contract.”

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