[비즈한국] With Shinsegae Engineering & Construction034300 facing delisting, its affiliate under E-Mart139480, Shinsegae Property, is expected to aggressively pursue new business ventures. According to Bizhankook’s reporting, Shinsegae Property filed a massive number of trademark applications last December, covering categories such as beauty services, golf instruction, and construction. Observers suggest that as Shinsegae Property diversifies its complex mall development business, it may be looking to fill the void left by Shinsegae E&C.
On December 24 of last year, Shinsegae Property filed over 80 trademark applications with the Korean Intellectual Property Office, including names like "W oneness," "Artum," "Wonus," "Monatis," "Triad," "Phyntum," "Artum," and "THE XCIX." The designated product classifications include Class 36 (financial services, etc.), Class 37 (construction services, etc.), Class 41 (theme park services, etc.), Class 43 (tourist restaurant services, etc.), and Class 44 (medical examination services, etc.).
The designated goods registered under these classifications include jewelry appraisal, property management, construction, golf instruction, wine bar services, hotel/motel/resort operations, home nursing care, beauty services, and public bathhouse operations. Beyond real estate and food & beverage, it is noteworthy that medical-related categories under Class 44 were also included, such as senior medical and nursing services, medical and pharmaceutical consultation, and residential medical treatment services.
This follows Shinsegae Property's trademark application for ‘Starbay City’ (Hwaseong International Theme Park) five months prior, in July of last year. Shinsegae Property, an E-Mart affiliate, is a real estate developer established in 2013. Beginning with the operation of Starfield, the company has recently been pouring its efforts into theme park development. It is currently building the international theme park "Starbay City" in Hwaseong, Gyeonggi-do, and is also pushing for the development of the Eodeungsan Tourist Complex in Gwangju. In 2022, it drew attention by expanding its business through the acquisition of a stake in Shafer Vineyards, a premium winery in Napa Valley, USA, via its American subsidiary.
Shinsegae Group is currently undergoing a separation of its business units, splitting into the E-Mart and Starfield division led by Chairman Chung Yong-jin, and the department store business—covering fashion and beauty—led by his younger sister, Chairwoman Chung Yoo-kyung. As E-Mart begins its full-scale independent management, Shinsegae Property is also picking up the pace on business diversification.
These trademark filings are interpreted as part of this strategy. Regarding the filings, a Shinsegae Property official stated, "We have preemptively secured excellent brand names to facilitate the pursuit of various new business ventures in the future."
There are also predictions that Shinsegae Property will step up to fill the presence left by Shinsegae E&C, which is nearing delisting. On February 4, E-Mart acquired a 100% stake in the cash-strapped Shinsegae E&C and intends to proceed with a voluntary delisting process for the company.
Seo Yong-gu, a professor of business administration at Sookmyung Women’s University, analyzed: "It appears to be a form of business diversification and expansion strategy. It could be a move to rebuild the construction division given that Shinsegae E&C is in a state of disrepair. Among the Shinsegae affiliates, Shinsegae Property is performing the best. It is a logical step for an operating company to expand into construction while developing shopping malls. There is every possibility that Shinsegae Property will take over the role previously held by Shinsegae E&C."