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C&W was appointed to provide retail development services of the mixed-use development in Ilsan.
- Western Dom
Cheong Won Construction Inc, developer of the mixed-use complex La Festa, specializes in retail developments in Korea. Cheong Won established CNM, a special purpose company (SPC) with co-developing company, Millate Inc. to drive the construction of the mixed-use development Western Dom. The project is constructed on a 35,801 GFA pyeong site that includes 19,281 Py for retail. The planned opening of the development is March 2008. In the initial development stage in 2004, The Western Dom design was based on a street shopping mall environment, with a focus on food and beverage stores.
C&W were appointed to provide retail development services; based on the primary concept with the focus on sales & leasing strategy and potential future business performance.
Based on the project we provided the following services: rental price strategy, development concept review, MD plan, and shop by shop plan.
C&W conducted research within a concentrated area near Seoul with a high density of food and beverage stores to define the current food trends and evaluate retail sizes based on the analysis of the potential growth rate of the Ilsan area, In order to establish the MD plan and shop by shop plan during the initial development stage, we suggested a sale pricing strategy, utilizing a marginal rent structure for retailers based on rental projections.
Through our global network we provided international case studies for the client focusing on their initial development concept “International Food Market Mall”, defining key learning’s. Through our research we suggested and developed an operation strategy for Kiosks.
With the comprehensive and critical knowledge we have gained during the Western Dom project, C&W are actively providing leasing services for the retail portion of the project.
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