South Korean property developer Hyundai Development Co.-Engineering & Construction plans to bolster its retail industry footing by joining an upcoming tender for duty-free shops in Seoul, its chairman said Monday.

“We plan to establish a tourism and shopping district in Yongsan by taking part in the bid for Seoul duty-free stores this year. The Yongsan I-Park Mall is deemed as one of the best locations for a duty-free shop,” said Chung Mong-kyu, chairman of Hyundai Development.

Chung is the nephew of Chung Ju-young, who founded one of the country‘s biggest conglomerates, Hyundai.

Chung said he is “sure that the company will win the bid” as Yongsan’s central location and proximity to Mount Namsan, museums and hotels have strong geographic benefits. He also said Yongsan can be an alternative for city center duty-free shops that are struggling with a shortage of parking space. (Yonhap)