• Invigoration of the local economy is expected due to the construction of a symbolic landmark shopping mall in Daegu that will lead to a new shopping culture.
• The construction work is scheduled to begin early May, with the mall planned to open in 2025

Daegu is to see the construction of the largest compound shopping facility in history. DGFEZ announced on the 29th that Daegu Lotte Shopping Town would start its construction in early May within Suseong Medical District. Commissioner Choi had a meeting with Mayor Youngjin Kwon of Daegu along with the representatives of Daegu Lotte Shopping Town at the City Hall on April 29 (Thu) 09:10 for the purpose of accelerating the construction project. It is expected that, with the beginning of the construction schedule to start in early May, the project will be a significant economic boost to the local economy that suffered a downturn due to Covid-19.
For the construction of ‘Daegu Lotte Shopping Town,’ the site was sold in December 2014, followed by a cooperation agreement between the City of Daegu, DGFEZ, and Lotte Shopping Town Daegu Co., Ltd. After completing a transportation impact survey and construction permit evaluation, the construction permit was given for a project with one basement and eight floors, gross floor area 250,314㎡ in June 2020.
Despite many worried voices fearful of the project being canceled due to COVID-19, etc., the shopping mall project was sold from Lotte Asset Development to Lotte Shopping in February 2021, which made it possible for the shopping mall project to be launched without a problem.
To make this project happen, Mayor Youngjin Kwon is known to have been persuading the representatives of Lotte, including the CEO of Lotte Asset Development, during February and June 2019.
According to a source within Lotte, “The project was delayed a little bit due to the changes in the internal and external business environment. However, they changed the schedule to start the construction in May this year and complete the construction work by 2025. They are also considering changing the project plan, which was originally focused on retail facilities, to a massive-scale compound shopping mall of an innovative concept, encompassing recreation, cultural experience, leisure, and healing spaces.” He added that they would try their best to respond to the support from the city despite the delay by making it a landmark in the area.
To this, Mayor Youngjin Kwon commented, “Daegu Lotte Shopping Town will create thousands of new jobs and accelerate the process of securing the tenant businesses for the Suseong Medical District” and added, “The construction of the mall will be a great boost for the local economy, and this project should be a high priority to ensure its success.”
Currently, Lotte Shopping is negotiating with DGFEZ to bring in the materials for constructing fences around the construction site. After submitting the construction commencement report in early May, they are planning to start the civil work phase of the project, including excavation.