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Parc1 is a prominent mixed-use complex in Yeouido, Seoul's financial district, completed in July 2020.
Spanning 629,047 square meters, it includes two office towers, The Hyundai Seoul department store occupying 193,935 square meters across eight floors and seven basement levels with over 600 stores, and the Fairmont Ambassador Seoul hotel with 308 rooms. Located at 108 Yeoui-daero, it offers direct underground access to Yeouido Station on subway lines 5 and 9, enhancing accessibility for commuters and professionals.
The site is adjacent to Yeouido Park and Hangang Park, providing green spaces that contribute to a balanced urban environment.
Market position: As a landmark development, Parc1 benefits from Yeouido's status as a central business hub with high concentrations of financial institutions, attracting affluent professionals and tourists.
Tenant mix emphasizes luxury retail, fashion, beauty, and lifestyle brands within The Hyundai Seoul, complemented by office synergies driving weekday footfall.
Leasing advantages include near-100% occupancy in prime retail spaces, average daily footfall exceeding 100,000 visitors, and premium positioning that supports higher sales per square foot compared to suburban malls.
Operational quality is high, with modern infrastructure including moving walkways and integrated retail paths. However, challenges include intense competition from nearby IFC Mall and Times Square, potential rent pressures in a volatile economy, and reliance on office worker traffic which may fluctuate with remote work trends.
Rent levels for prime retail spaces range from 20 to 30 million Korean won per pyeong annually, reflecting the area's desirability but also exposing lessees to economic sensitivities in the financial sector.
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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 Footfall
Yeouido's demographic profile features a high-income professional population, including finance sector employees from major banks and firms, with average household incomes exceeding national averages by 30-40%. The area draws young urbanites aged 25-44, executives, and international expatriates, supporting demand for upscale retail categories like luxury goods and dining. Footfall at The Hyundai Seoul averages over 100,000 daily visitors, boosted by office proximity and subway connectivity, though weekends see lower volumes compared to tourist-heavy districts like Myeongdong. This profile favors tenants in fashion, cosmetics, and experiential retail, but saturation in apparel could limit growth for similar categories.
Competition and Market Saturation
Parc1 faces competition from established venues like IFC Mall (directly connected via underground path) offering similar luxury and international brands, and nearby Lotte Department Store in Yeouido. Broader Seoul retail market shows saturation in department store formats, with overall vacancy rates around 5-7% in prime areas as of 2023 reports. Market factors include e-commerce growth eroding physical sales by 15-20% annually, and post-pandemic shifts favoring hybrid experiences. Strengths lie in unique office-retail synergy, but risks include footfall dependency on business activity, potentially impacted by economic downturns in finance.
Lease Terms and Risks
Prime retail lease terms at Parc1 typically involve base rents of 20-30 million won per pyeong per year, with additional turnover rents and high fit-out costs due to premium positioning. Occupancy remains strong at near 100%, supported by Hyundai's management expertise, but new entrants face lengthy negotiations and key money requirements common in Korean retail. Risks encompass access issues during peak hours on subway lines, aging infrastructure in surrounding Yeouido developments, and category weaknesses in non-essential goods amid inflation. Contextual factors like Seoul's 2-3% annual retail rent growth provide stability, yet global supply chain disruptions could affect import-dependent tenants.
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