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Brand Fit Snapshot

Best for:

High-End Flagship StoresPremium Dining & LifestyleDesigner BoutiquesMixed-Use & Office TrafficTransit Commuter Retail

Not ideal if:

Value PositioningBudget BrandsConvenience-Only Format

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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

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Monday10:30 AM — 08:00 PM
Tuesday10:30 AM — 08:00 PM
Wednesday10:30 AM — 08:00 PM
Thursday10:30 AM — 08:00 PM
Friday10:30 AM — 08:30 PM
Saturday10:30 AM — 08:30 PM
Sunday10:30 AM — 08:30 PM
Holiday Hours

Hours may vary on public holidays. Check with individual stores for specific holiday schedules.

108, Yeoui-daero, Seoul, South Korea

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.

Building Details

Property Type
Mixed-Use
Gross Leasable Area
80,000
Year Built
2020
Parking Spaces
1000
Average Monthly Footfall
833,333
Owner
ARA Asset Management
Anchor Tenants
The Hyundai Seoul, Fairmont Ambassador Seoul

Detailed Market Analytics

Primary Catchment Area
5 km radius Kilometers
Secondary Catchment Area
10 km radius Kilometers
Catchment area population
2,000,000 People
Population growth rate
0.2 %
Median age
45 Years
Household size
2.3 Persons
Education level (tertiary)
70.0 %

Median household income
39,240,000 KRW
Unemployment rate
2.7 %
Cost of living index
80 Index

Retail spending per capita
15,000 USD
Spending on apparel
716 USD
Spending on groceries
2,000 USD
Spending on electronics
500 USD

Annual foot traffic
10,000,000 Visitors
Dwell time
90 Minutes
Conversion rate
25.0 %
Sales per square meter
10,000 USD

Number of retail stores
600 Stores
Anchor tenant presence
Yes Boolean
Competitor density (same category)
High Qualitative
Tenant diversity
High Qualitative
Unique Concepts
Sound Forest Concept

Gross Leasable Area
80,000 sqm
Number of Levels
8 above ground + B7 Levels
Average rent per square meter
80 USD/month
Vacancy rate
5.0 %
Lease term flexibility
3-5 years Years
Available retail space
Low Qualitative

Proximity to main roads
Adjacent Qualitative
Public transport access
Excellent Qualitative
Parking spaces
1,000 Spaces
Pedestrian traffic
High Qualitative

E-commerce competition
High Qualitative
Click-and-collect adoption
High Qualitative
Internet penetration
96.0 %

Retail crime rate
0.5 %
Security measures
CCTV and guards Measures

Promotional events
Yes Boolean
Loyalty program penetration
High Qualitative
Digital signage presence
Yes Boolean

Projected foot traffic growth
5.0 %
New tenant pipeline
Ongoing Qualitative
Mall expansion plans
nan Qualitative
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