“Resources used for weapons will be used to revitalize Seongsu, a key global commercial district.”
A design screen was installed outside the Factorial Seongsu building ahead of the opening of ‘Olive Young N Seongsu’. (Photo = Provided by CJ Olive Young) *Resale and DB prohibited
(Seoul = Newsis) Reporter Joo Dong-il = CJ Olive Young (Olive Young), which is about to open a large innovative store near Seongsu Station, is returning the name tag for ‘Seongsu Station’ on Subway Line 2. Olive Young plans to use the resources used to build stationery to revitalize the Seongsu area.
According to the industry on the 15th, Olive Young submitted an application to the Seoul Transportation Corporation to return the Seongsu Station name badge.
Olive Young won the bid for the Seongsu Station terminal for about 1 billion won last August. Through this, Seongsu Station can be marked as ‘Seongsu (CJ Olive Young) Station’ for three years.
However, due to this return of the weapon certificate, CJ Olive Young may have to pay a penalty of approximately 100 million won to the Seoul Transportation Corporation.
It is analyzed that the penalty will exceed 100 million won when adding the contract deposit amounting to 10% of the down payment and the prorated amount of rent.
When Olive Young won the bid for the weapons rights, some voiced that it did not reflect regional representativeness or public interest.
It has been reported that while CJ Olive Young has decided to return the weapon rights, Musinsa, which competed during the bidding, has no specific response plan.
Regarding the return of the weapon, Olive Young explained, “Regardless of the use of the station name, we will continue to make joint efforts with the industry to ensure that the world’s interest in K-beauty and K-culture continues.”
He added, “We plan to use the resources that were intended to be used for station name weapons to revitalize the Seongsu area, a key global commercial district.”
Olive Young plans to open an innovative store, ‘Olive Young N Seongsu’, in the Factorial Seongsu Building near Exit 4 of Seongsu Station on the 22nd.
The store, which is Olive Young N’s first branch, has a total of 5 floors, and plans to provide specialized customer value for each floor.
The first floor will be created as a space focused on experiences rather than product sales. From a dedicated pop-up space to an ‘Olive Young Branding Goods Shop’ that sells accessories that can only be found at Olive Young N Seongsu, etc.
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Source: www.newsis.com
