Seoul, Nov 14 - Shinsegae Co. Ltd. , South Korea's second-biggest retailer, said on Tuesday it would invest 265.1 billion won ($282.8 million) to open a department store north of Seoul in 2011.
Shinsegae, which runs the country's top discount and third-largest department store chain, announced the plan to build its eighth department store in the city of Uijongbu in a filing with the Korea Exchange.
The store will span over about 50,000 square metres.
Shinsegae, which draws about a fifth of its revenue from the department store business and the rest from the discount operation, plans to increase the number of department stores to 10 over the long term, its chief executive told Reuters in an interview last week.