01 THE CHALLENGE
Mirae Asset Global Investments wanted to build a landmark project in Pangyo within an estimated budget of USD 5 billion.
Called the Alphadom City, the project envisions a mixed-use facility with residences, offices, and retail stores. It will occupy 6-1,2 Block with a total land area of 137,500 m² and a gross floor area of 1,210,000 m².
Shops like Hyundai Department Store and Avenue France in the vicinity posed a highly challenging business environment for Alphadom's retail chain.
Mirae Asset had to ensure that Alphadom would be a prominent facility that could withstand competition. So, it opened the Alphadom project for competitive bidding.
02 THE SOLUTION
With the opportunities and challenges in mind, Cushman & Wakefield's Korea team came up with a unique positioning.
We proposed a regional community mall with new content, so Alphadom would stand out from other retail stores. The plan covered inviting popular, high-end brands to put up flagship stores in Pangyo.
With new retail contents, the mall would attract daily visits from the majority of Pangyo's residents—a young population that is always eager for new experiences.
03 THE RESULT
Cushman & Wakefield won the bid. With a distinct concept and a solid track record, we were able to keep Mirae Asset in our client portfolio.
Winning both a robust partnership with Mirae Asset and a high-end regional development project, Cushman & Wakefield has demonstrated firm leadership in the retail market sector.
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