Hanam Union Square

Written by  //  July 28, 2015  //  Posts  //  1 Comment

The largest retail centre in South Korea at 152,000 square metres of leasable area  

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Fig 1. Rendering of the under construction Hanam Union Square retail centre located in Hanam, South Korea. http://www.taubmanasia.com/taubman-properties/hanam-union-square/

All of Reurbanist’s team members participated in assisting Taubman Centres and SHINSEGAE with conducting their due diligence for Hanam Union Square in 2012/2013.

Team members contributed their knowledge to developing the project’s site SWOT analysis, demographic and psychographic GIS mapping analysis, concept & development strategy, and a unique retail demand model that was one of the first of its kind to be used in South Korea.

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Fig 2. Report slide showing how Hanam Union Square’s sales forecasts were calculated.

The demand analysis was adapted from Huff’s Retail Gravity Model that uses straight line distances, sizes of supply points (retail competitors), and the demographics of demand points (population clusters/neighborhoods) to estimate the sales potential of a planned retail centre.

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Fig 3. Distance decay chart that aids in delineating trade areas based on the Huff Gravity Model. Points on the chart represent “dongs” or neighborhoods.

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Reurbanist

Reurbanist is a multi-disciplinary firm that blends land use economics with urban planning and economic development. At its core, Reurbanist believes that great urban places that are compelling and vibrant must find success at both a fiscal and social level. Stronger cities and urban destinations translate into improved job growth, municipal tax revenue, and a higher quality of life for residents.

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  • Elise Huang

    Hi Ray,

    This is Peiyi (Elise). Thank you so much for your post. It is very impressive and helpful. Currently, I am doing a research paper on this Hanam Union Square Shopping Centre in University of Melbourne, Australia. The research paper is about the financial performance of this shopping centre. I am interested in the trade area modelling and the forecast method of the sales you present in the post. So, may I be able to have more information about these? Thank you so much. I am much appreciated.

    My contact email:
    peiyih@student.unimelb.edu.au.