On Monday, April 18, 2016, Incheon Metropolitan City and the Incheon Free Economic Zone Authority (IFEZ) signed an investment agreement with Shinsegae for the development of a mixed-use shopping mall in Songdo International City. Under the agreement, Shinsegae plans to invest KRW 500 billion (approximately USD 433 million) by 2020 to build a lifestyle-oriented mixed-use shopping mall equipped with a department store, large discount store, entertainment facilities, and cultural facilities in Songdo International City. The project was expected to contribute to the revitalization of the local commercial district and the improvement of residential conditions by creating a large-scale commercial complex that combines shopping, culture, and leisure.