Press Release

On July 11, Doota Mall (Executive Vice President & CEO Yongman Cho) announced that it has signed a memorandum of understanding (MOU) for cooperation with the Small & Medium Business Administration, the Jung-gu Office of the Seoul Metropolitan Government, and the Seoul Merchant Association (Dongdaemun) with an aim to nurture the Dongdaemun market into one of the world’s ultimate shopping destinations. The signing was held at JW Marriott Dongdaemun Square Seoul, Korea. The purpose of the MOU is to develop Dongdaemun’s traditional market into a must-visit shopping district for inbound tourists by integrating Korea’s cultural factors. The Small & Medium Business Administration, Seoul Merchant Association and Jung-gu Office are to establish policy measures and provide necessary support; Seoul Merchant Association will provide details about the Dongdaemun market and facilitate communication among merchants to help deliver seamless project implementation; and Doota Mall is to contribute in the areas of human resources, planning, marketing and other business capabilities. The project will cost 6 billion won (about $5.27 million)—5 billion won is to be provided by the Jung-gu Office and the rest by Doosan Corporation. Dongdaemun, which led the development of Korea’s textile and fashion industries, is the country’s fashion hub. It is a place with rich tourism infrastructure, including convenient transportation, accommodations and restaurants as well as the Dongdaemun Design Plaza (DDP), Cheonggyecheon Stream and more. “We will do our best to help invigorate the local businesses of Dongdaemun and develop the area into a world-class tourism destination through the public-private partnership,” said an official of Doota Mall.▲Participants after the signing of an MOU for cooperation to nurture the Dongdaemun market into one of the world’s ultimate shopping destinations, held at JW Marriott Dongdaemun Square Seoul, Korea, on July 11. From left to right: Chi-young Hwang, vice mayor of the Jung-gu Office, Seon-sun Kim of Seoul Creative Economy Planning, Ilho Kim, head of the Small Business Policy Bureau at the Small & Medium Business Administration, Seongyeol Lee, chair of the Seoul Merchant Association (Dongdaemun) and Yongman Cho, executive vice president of Doota Mall.