Swedish furniture giant, IKEA, is planning to open in October 2019 in the Osiria Tourism Complex in east Busan.
The company is set to invest 200 billion won in the project, the first large scale retailer to invest in the area and also the first in the Korea’s southern region according to the Busan Ilbo. It was expected to sign an investment agreement this afternoon with the Busan City Corporation at City Hall.
They plan to sign a contract for the land by the middle of this year and will start construction next year. They are expected to create about 500 jobs for the local economy.
The proposed 24,600 square meter site will include parking towers that will hold 1,500 cars next to the site.
Goyang, which is set to open in the second half of 2017, Seoul, Busan and Daejeon locations are also in the companies five year Korean expansion plans.
The company has been scouting locations around the city for the past year, and had originally planned to open in 2020.