Brand Fit Snapshot
Best for:
Not ideal if:
Similar properties you might like:
Quick assessment - takes 30 seconds
AK Plaza Gwanggyo, situated in Suwons Gwanggyo district, operates as a department store with integrated transit access, providing retail, dining, and leisure facilities. Established in 2003 as part of the AK Plaza chain, it occupies multiple floors featuring fashion apparel, cosmetics, leather goods, casual wear, sports attire, home fashion, baby products, and a spa. Entertainment includes Megabox cinema, Books Libro bookstore, and a characters fun zone.
The tenant mix balances domestic mid-tier brands with select international labels, focusing on value-oriented consumers rather than luxury. Suwons population exceeds 1.23 million, with Gwanggyo attracting young professionals, families, and students from nearby Ajou University, boasting median household incomes around 70 million KRW. Excellent accessibility via Gwanggyo Station on the Suin-Bundang Line and bus routes ensures high commuter traffic.
Annual sales were 455.6 billion KRW in 2021, down from prior years due to competition, with footfall estimated at 15,000-25,000 daily visitors.
Occupancy rates hover at 92-95%, supported by stable operations.
Rent levels average 50,000-70,000 KRW per square meter annually for mid-tier spaces, often structured as base plus percentage of sales.
Leasing advantages encompass consistent footfall from urban density, synergistic tenant mix promoting cross-traffic, and reliable management by Aekyung Group. Drawbacks include fierce rivalry from Galleria Gwanggyo, which achieved 601.6 billion KRW sales in 2021, potential aging infrastructure, and category saturation in fashion amid economic slowdowns. Market reports from Gyeonggi province highlight cautious retail expansion, with risks from e-commerce growth and post-COVID spending shifts.
Interested in this property?
Choose how you'd like to proceed
Advertise at this property?
Reach high-intent shoppers across digital screens, atria, and experiential placements.
Hours of Operation
Hours
| Monday | 10:30 AM — 08:00 PM |
| Tuesday | 10:30 AM — 08:00 PM |
| Wednesday | 10:30 AM — 08:00 PM |
| Thursday | 10:30 AM — 08:00 PM |
| Friday | 10:30 AM — 08:30 PM |
| Saturday | 10:30 AM — 08:30 PM |
| Sunday | 10:30 AM — 08:30 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Accessibility
Gwanggyo districts demographic profile includes a median age of 35, with 60% aged 20-44, driven by tech firms and educational institutions. Household incomes average 70 million KRW yearly, supporting mid-range retail. Accessibility is strong via Suin-Bundang Line subway and extensive bus networks, connecting to Seoul in 30 minutes. Daily footfall reaches 20,000, enhanced by new town residential growth, though competition diverts 15-20% of potential visitors to nearby luxury outlets. Challenges involve seasonal fluctuations and reliance on transit users, who may prioritize convenience over extended shopping.
Tenant Mix and Operational Quality
The tenant mix comprises 55% fashion and accessories, 25% beauty and personal care, 15% F&B, and 5% entertainment/services, fostering dwell times of 1-2 hours. Occupancy at 94% reflects low vacancy, with anchor tenants like Megabox drawing families. Operational quality is solid, with modern HVAC and digital signage, but lacks recent renovations compared to peers. Strengths lie in diverse categories enabling bundled purchases, while weaknesses include limited high-end brands, prompting some tenants to renegotiate terms amid 5-10% sales variability year-over-year.
Competition and Market Risks
Primary competitors include Galleria Gwanggyo and Lotte Mall Suwon, capturing premium segments with sales surpassing AK Plazals by 30%. This leads to market share erosion, evidenced by 21.6% sales drop in 2020. Risks encompass infrastructure aging, requiring potential capex, and retail saturation in apparel, with 20% excess supply in Gyeonggi. Lessees face pressure on performance clauses; recommend flexible lease terms like 8-12% sales percentage rents. Broader market factors show 3-5% annual retail growth tempered by online shifts and economic uncertainty.
Building Details
Detailed Market Analytics
City Snapshot
Suwon
Comprehensive market intelligence for retail expansion in this city
Other Retail Destinations in Suwon
Discover more shopping centers in Suwon.
Popular in South Korea
Top retail destinations across South Korea.
Interested in this property?
Choose how you'd like to proceed
Advertise at this property?
Reach high-intent shoppers across digital screens, atria, and experiential placements.
City Snapshot
Suwon
Comprehensive market intelligence for retail expansion in this city
