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The Hyundai Goyang, officially known as Hyundai Department Store Kintex Branch, is located at 817 Hosu-ro, Ilsanseo-gu, Goyang-si, Gyeonggi-do, South Korea, adjacent to the Korea International Exhibition Center (Kintex). Opened as part of the Hyundai Department Store chain, it spans multiple floors offering a mix of luxury fashion, beauty, home goods, and lifestyle products. The tenant mix includes high-end international brands such as Prada, Gucci, Valentino, Burberry, Ferragamo, Bally, along with watchmakers like Cartier, Omega, IWC, Breitling, and Tag Heuer.
Lower levels feature a supermarket, food court, and dining options, connected to Lakens Mall which houses Homeplus hypermarket and Megabox cinema, enhancing the overall retail ecosystem. Operating hours are 10:30 to 20:30 daily, with extended dining until 21:00.
Accessibility includes a 15-minute walk from Daehwa and Juyeop subway stations on Line 3, bus services from Incheon Airport, and ample parking with purchase-based validation. In the Goyang retail market, it holds a strong position as a premium destination in a city of 1.06 million residents, benefiting from Ilsan New Town's affluent demographics including families and professionals. Footfall surges during Kintex events, which attract over 1 million visitors annually, though baseline traffic relies on local shoppers.
Occupancy remains high at near 100%, reflecting the chain's robust performance with overall sales growth of 11.4% in Q2 2025.
Leasing advantages include exposure to event-driven traffic, diverse tenant synergy, and supportive infrastructure, but challenges involve suburban access limitations and competition from nearby Starfield Ilsan. Rent structures typically combine fixed base fees with sales percentages, averaging 10-15% for luxury tenants in similar venues, providing scalable costs tied to performance. Market factors show steady recovery post-2018 renovations, yet economic pressures may impact discretionary spending in non-event periods.
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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
Goyang-si, with a 2025 population of 1.06 million, features a middle-to-upper-middle-class demographic in Ilsan New Town, including young families, professionals, and event attendees from Kintex. Average household income exceeds national levels at around KRW 70 million annually. Footfall averages 20,000-30,000 daily, spiking to 50,000+ during exhibitions, driven by Kintex's 1-2 million annual visitors. This supports strong performance for experiential retail but exposes variability, with weaker mid-week traffic outside events posing risks for consistent sales.
Competition and Market Risks
The property faces competition from Starfield Ilsan (8 km away) offering broader entertainment and Lotte Mart in the area, alongside Seoul's premium malls like The Hyundai Seoul (30 km). Market saturation in luxury segments is evident, with Hyundai's overall net margins at 3.5%. Risks include economic slowdowns reducing discretionary spending, as seen in 2024 retail dips, and access issues like limited taxi availability in Ilsan, potentially deterring spontaneous visits. However, Kintex proximity provides a unique edge over urban competitors.
Lease Terms and Operational Quality
Leasing involves base rents of KRW 5-10 million per pyeong annually plus 10-20% sales override, with incentives like fit-out contributions for anchor tenants. Occupancy is stable due to Hyundai's management, but aging elements in connected Lakens Mall could require updates. Operational strengths include renovated food halls since 2018 and high-quality facilities like cultural centers, yet challenges encompass seasonal event dependency and infrastructure strains during peaks, advising retailers to factor in variable traffic for lease negotiations.
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Goyang Si
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