The largest mall in the southern region of Gyeonggi, Starfield
Anseong offers 280 in-demand tenants, including a variety of
fashion, entertainment and dining concepts
The new Starfield Anseong, the second joint venture between
Taubman Asia and Shinsegae Property, opened today in Anseong,
Gyeonggi Province, South Korea. The one million square foot, modern
shopping, entertainment and dining destination is Taubman Asia’s
fourth successful development project. It will serve as the primary
mall for Anseong, one of the fastest-growing areas of South
Korea.
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The new Starfield Anseong mall in
Anseong, Gyeonggi Province, South Korea (Photo: Business Wire)
Starfield Anseong is nearly 100 percent leased, with over 90
percent of tenants open, and is expected to be fully occupied by
year-end. The mall is anchored by Shinsegae Factory Store, E-Mart,
Toy Kingdom and successful entertainment concepts, including
Aquafield, Sports Monster and Megabox, an upscale cinema. Starfield
Anseong also offers 280 of the most in-demand fashion, dining and
entertainment concepts. In response to the global pandemic, the
mall has implemented a wide variety of enhanced safety protocols in
accordance with legal requirements.
“Starfield Anseong represents the best of the collective
expertise of Shinsegae Property and Taubman Asia,” said Paul
Wright, president, Taubman Asia. “We are pleased to offer this
impressive assortment of retail, dining and entertainment
experiences to customers in Gyeonggi.”
“Starfield Anseong will serve customers in the southern region
of Gyeonggi and will meet the high expectations of the local
residents following the successful opening of Starfield Hanam and
Starfield Goyang,” said Young-rok Lim, president, Shinsegae
Property. “With a high priority on customer safety, we are certain
our customers will experience a true shopping theme park previously
unseen anywhere in the region. Starfield Anseong’s diverse
offerings such as children’s education, entertainment and food and
beverage facilities, which have proven popular in other Starfield
facilities, have been strengthened and together with other popular
brands making their regional debuts, are all gathered in one
place.”
Shopping & Dining
Starfield Anseong’s wide variety of prominent international
brands includes Zara, Nike, Uniqlo, H&M, Vans, COS, Guess,
Adidas, BMW, Patagonia, Camper, Polo Ralph Lauren, Lacoste, West
Elm and Under Armour. Popular national brands such as SPAO,
Genesis, Beanpole, Studio Tomboy, Jaju, Casamia, Wonder Place and
Hanssem are also featured. Approximately 100 of the mall’s brands
are the first store of the kind in this region of Greater
Seoul.
The mall has dedicated 113,000 square feet to dining options,
including Gourmet Street’s eight restaurants and the Eatopia food
court featuring 21 unique food kiosks, optional outdoor seating and
views of the neighborhood park.
City Market, anchored by No Brand Supermarket, offers 15
additional casual dining options, a deli and nine specialty food
concepts that include a wine shop, a butcher and a bakery. Other
dining destinations include Sanghaeru, Tokkijung, Lobster Bar, No
Brand Burger and Mansukjang.
Entertainment & Experiences
Starfield Anseong offers many entertainment options and
experiences, including a 48,000 square foot Megabox cinema with
seven screens, a 28,000 square foot Sports Monster sportsplex with
everything from rock climbing to basketball, and a 98,000 square
foot Aquafield indoor/outdoor water park and spa. Concepts focused
on children’s entertainment include Champion 1250X and Sang Sang
Sketch Play.
About Starfield Anseong
Starfield Anseong is a new shopping, dining and entertainment
destination that is anchored by Shinsegae affiliate retail brands,
a waterpark, cinema and entertainment facilities. The mall is
located near Samsung Electronics’ new, 31 million square foot
Pyeongtaek factory with over 100,000 employees. The mall caters to
the surrounding four high-growth cities - Pyeongtaek, Anseong, Asan
and Jincheon - in Greater Seoul. The mall has parking for over
4,400 vehicles and is located near the Pyeongtaek train station. It
also has excellent freeway access and can be reached by the
Gyeongbu Expressway (links Seoul to Busan) and the
Pyeongtaek-Jecheon Expressway (connects to Eastern Korea).
About Shinsegae Property
Shinsegae Property is a comprehensive real estate development
corporation that is focused on maximizing the value of Shinsegae
Group’s real estate assets through not only commercial real estate
development projects in Korea and overseas but also efficient asset
operation and management. Shinsegae Group is a retail company with
41 subsidiary companies and has recorded sales of KRW 29 trillion
and the total asset amount of KRW 44 trillion in 2019. Shinsegae
Group has been leading the new trends in Korean retail offering the
first department store, the first discount retailer and the first
premium outlet in South Korea. Shinsegae Group has two primary
businesses, Shinsegae department store and E-mart. Shinsegae
department store operates 12 stores and E-mart operates 160 stores
in South Korea, one store in Vietnam and three stores in Mongolia,
following the first store in 1993 (as of Dec 2019).
About Taubman
Taubman Centers is an S&P MidCap 400 Real Estate Investment
Trust engaged in the ownership, management and/or leasing of 26
regional, super-regional and outlet malls in the U.S. and Asia.
Taubman’s U.S.-owned properties are the most productive in the
publicly held U.S. regional mall industry. Founded in 1950, Taubman
is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded
in 2005, is headquartered in Hong Kong. www.taubman.com.
For ease of use, references in this press release to “Taubman
Centers,”, “we”, “us”, “our”, “company,” “Taubman” or an operating
platform mean Taubman Centers, Inc. and/or one or more of a number
of separate, affiliated entities. Business is actually conducted by
an affiliated entity rather than Taubman Centers, Inc. itself or
the named operating platform.
This press release contains certain “forward-looking” statements
as that term is defined by Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Statements that are predictive in nature, that
depend on or relate to future events or conditions, or that include
words such as “believes”, “anticipates”, “expects”, “may”, “will”,
“would,” “should”, “estimates”, “could”, “intends”, “plans” or
other similar expressions are forward-looking statements.
Forward-looking statements involve significant known and unknown
risks and uncertainties that may cause actual results in future
periods to differ materially from those projected or contemplated
in the forward-looking statements as a result of, but not limited
to, the following factors: the COVID-19 pandemic and related
challenges, risks and uncertainties which have had, and may
continue to have, direct and indirect adverse impacts on the
general economy, retail environment, tenants, customers, and
employees, as well as center and tenant operations (including the
ability to remain open) and operating procedures, occupancy, anchor
and mall tenant sales, sales-based rent, rent collection, leasing
and negotiated rents, center development and redevelopment
activities and the fair value of assets (increasing the likelihood
of future impairment charges); future economic performance,
including stabilization and recovery from the impact of the
COVID-19 pandemic; savings due to cost-cutting measures; payments
of dividends and the sufficiency of cash to meet operational needs;
changes in market rental rates; unscheduled closings or
bankruptcies of tenants; relationships with anchor tenants; trends
in the retail industry; challenges with department stores; changes
in consumer shopping behavior, including accelerated trends
resulting from the COVID-19 pandemic; the liquidity of real estate
investments; Taubman’s ability to comply with debt covenants; the
availability and terms of financings; changes in market rates of
interest and foreign exchange rates for foreign currencies; changes
in value of investments in foreign entities; the ability to hedge
interest rate and currency risk; risks related to acquiring,
developing, expanding, leasing and managing properties; competitors
gaining economies of scale through M&A and consolidation
activity; changes in value of investments in foreign entities;
risks related to joint venture properties; insurance costs and
coverage; security breaches that could impact Taubman’s information
technology, infrastructure or personal data; costs associated with
response to technology breaches; the loss of key management
personnel; shareholder activism costs and related diversion of
management time; terrorist activities; maintaining Taubman’s status
as a real estate investment trust; changes in the laws of states,
localities, and foreign jurisdictions that may increase taxes on
the company’s operations; changes in global, national, regional
and/or local economic and geopolitical climates; the outcome of any
litigation between Taubman and Simon Property Group, Inc. (“Simon”)
related to the proposed transactions between Taubman and Simon,
including the litigation in the State of Michigan Circuit Court for
the Sixth Judicial Circuit (Oakland County); the outcome of any
shareholder litigation related to the proposed transactions, and
insurance coverage for liabilities of Taubman or its directors, if
any, thereunder; the inability to complete the proposed
transactions due to the failure to satisfy any conditions to
completion of the proposed transactions; the risk that a condition
to closing of the transaction may not be satisfied; Simon’s and
Taubman’s ability to consummate the transaction; the possibility
that the anticipated benefits from the transaction will not be
fully realized; the ability of Taubman to retain key personnel and
maintain relationships with business partners pending the
consummation of the transaction; and the impact of legislative,
regulatory and competitive changes and other risk factors relating
to the industry in which Taubman operates, as detailed from time to
time in Taubman’s reports filed with the SEC. There can be no
assurance that the transaction will in fact be consummated.
Additional information about these factors and about the
material factors or assumptions underlying such forward-looking
statements may be found under Item 1.A in Taubman’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2019, as
amended, and subsequent reports filed with the Securities and
Exchange Commission. Taubman cautions that the foregoing list of
important factors that may affect future results is not exhaustive.
When relying on forward-looking statements to make decisions with
respect to the proposed transaction, shareholders and others should
carefully consider the foregoing factors and other uncertainties
and potential events. All subsequent written and oral
forward-looking statements concerning the proposed transaction or
other matters attributable to Taubman or any other person acting on
their behalf are expressly qualified in their entirety by the
cautionary statements referenced above. The forward-looking
statements contained herein speak only as of the date of this
communication or the date otherwise specified herein. Taubman does
not undertake any obligation to update or revise any
forward-looking statements for any reason, even if new information
becomes available or other events occur in the future, except as
may be required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201007005876/en/
Erik Wright, Taubman, Manager, Investor Relations, 248-258-7390
ewright@taubman.com
Maria Mainville, Taubman, Director, Strategic Communications,
248-258-7469 mmainville@taubman.com
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