Hyundai Department Store Ulsan Dong-gu to Be Developed as Mixed-Use Complex... "No Plans to Close"

Selected as Preferred Negotiation Partner for HUG Private Rental Housing Project
Plans Underway for a 750-Unit Complex

Hyundai Department Store: "Reviewing Conversion of Operation Model... Nothing Finalized Yet"

The Dong-gu branch of Hyundai Department Store Ulsan is expected to be promoted as a candidate site for a mixed-use residential and commercial development project. Hyundai Department Store has stated that there are no plans to close the store, and that it is considering converting the store’s operation model.

The Hyundai Department Store consortium announced on the 22nd that it has been selected as the preferred negotiation partner in the "2025 First Publicly Supported Private Rental Housing Private Proposal Project" competition organized by the Housing and Urban Guarantee Corporation (HUG). If the project is confirmed, a private rental housing complex with approximately 750 units will be built on the Dong-gu site of the Ulsan branch.

Opened in 1977 as Hyundai Shopping Center, the Dong-gu branch of the Ulsan store was the first Hyundai Department Store in Korea. Due to declining sales and population outflow, it was converted into a sub-branch of the Ulsan store last year. Local residents and political leaders have expressed concerns about the reduction of department store functions and the decrease in local infrastructure, calling for the collection of residents’ opinions and the preparation of countermeasures.

A Hyundai Department Store official said, "There are no plans to close the store," and explained, "We submitted the business plan as part of the process of converting the existing store into a new retail platform."

The official added, "Currently, we are in the process of establishing an internal business plan. Even though we have been selected as the preferred negotiation partner, final consultations and coordination procedures remain, so nothing has been finalized yet."

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