By Lee Hyo-sik
Youngpoong Bookstore, one of Korea's leading bookstores, will open a new bookstore at the International Finance Center (IFC) in Yeouido in late 2010, when the joint venture between the Seoul Metropolitan Government and U.S. insurance giant American International Group (AIG) is scheduled to be completed.
Youngpoong and AIG Korean Real Estate Development, undertaking the construction project, signed a lease agreement for 10 years. Under the agreement, Youngpoong will occupy a total area of around 3,000 square meters at the IFC Mall. The signing marks IFC Mall's second major agreement with a cultural provider here, following its 2007 accord with CJ CGV, Korea's leading multiplex cinema operator.
Youngpoong Bookstore CEO Chang Byung-taek said, ``With many international business travelers and tourists visiting the IFC Mall, we believe Youngpoong will be a flagship store allowing us to grow and build our brand at home and abroad.''
The IFC project is among the first large-scale real estate developments in Korea to be led by an international consortium. The project, which was officially launched in 2005, is a key component of Seoul's plan to rejuvenate the Yeouido area and to position it as a regional financial center, creating employment opportunities and raising the quality of life for local residents.