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Hanam Union Square - Reurbanist

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.