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CH431 | GSI
🕑 Added 2025-09-06 18:08:27 +0000 UTCChairman Park Tae-hong furrowed his brow, clearly taken aback, and asked again for confirmation.
“You’re saying the Nonhyeon branch of Nasan Department Store needs to be demolished?”
Seok-won met his father’s gaze directly and nodded.
“Yes.”
Park Jin-hyung, sitting across from him, interjected with a baffled expression.
“Why would we tear down a perfectly fine building?”
“Because it’s not perfectly fine.”
“What?”
As Jin-hyung looked on in confusion, Chairman Park turned his eyes toward Seok-won, silently urging him to explain.
Speaking in a clear and measured voice, Seok-won began.
“If you check, you’ll find that the Nonhyeon branch of Nasan Department Store was built using a flat slab construction without installing steel girders on the upper deck. They tried to cut construction costs and maximize usable floor area within height restrictions by skipping the beam installations.”
The sudden dive into architectural jargon made even Chairman Park raise an eyebrow in confusion.
But knowing that his second son wouldn’t bring this up without reason, he quietly continued listening.
“However, the flat slab method has a critical weakness—it’s highly vulnerable to lateral loads. If an issue arises, the ceiling structures can collapse and cause a domino effect, leading to a full building collapse.”
After a brief pause to glance between his father and brother, Seok-won continued in a more somber tone.
“The Sampoong Department Store that nearly collapsed—it was built using this same flat slab structure.”
“...!”
Shock swept across both of their faces.
Chairman Park widened his eyes and asked, his tone serious.
“Are you saying the Nonhyeon branch of Nasan Department Store is at risk of collapse?”
Park Jin-hyung also looked at his younger brother with a hardened expression.
“Yes. If you conduct a safety inspection, you’ll see there are significant structural issues.”
Seok-won nodded firmly, radiating certainty.
“Huh…”
Chairman Park exhaled sharply, blindsided by something he had never even considered.
Then, raising his upper body with suspicion in his eyes, he asked,
“How do you know all this?”
The truth was, Seok-won knew what would happen months later: due to construction work on
Seoul Subway Line 7 near Gangnam-gu Office Station, a major crack would form in one of the parking garage columns of the Nonhyeon branch.
It would then be designated a high-risk disaster site and forced to suspend operations, ultimately leading to the building being entirely shut down.
Because Nasan Group was bankrupt, a host of complex legal and financial issues delayed resolution, leaving the building abandoned for over a decade.
It wasn't until 2008 that demolition finally began—and even that didn’t go smoothly. During the process, the building couldn't withstand the weight of the heavy equipment and partially collapsed, burying two excavator operators.
Since it happened in the wake of the infamous Sampoong Department Store collapse, the public widely speculated that if it hadn’t been shut down earlier, it could have become “a second Sampoong incident.”
But Seok-won couldn’t possibly reveal all of this, so he chose a more plausible explanation instead.
“Right after the Sampoong Department Store was flagged for collapse risk, there was a leaked tip sheet going around listing buildings suspected of faulty construction. The Nonhyeon branch of Nasan Department Store was on that list.”
“That kind of list existed? I’ve never heard of it.”
“It’s the first I’m hearing of this as well,”
Chairman Park Taehong said with a furrowed brow, and President Park Jin-hyung responded, equally puzzled.
Seok-won felt a slight jolt of anxiety but kept his face calm and continued speaking smoothly.
“If we continue operating it and a problem occurs, there’s a serious risk of casualties. And considering the public is still recovering from the collapse of Seongsu Bridge, any incident would leave a permanent stain on the Mido Department Store brand.”
“Still, not every flat slab building has structural issues, right?”
“If it was built properly, according to regulations, then yes. But if it was poorly constructed like Sampoong, then it’s no better than a sandcastle that could collapse at any moment.”
“Hmm.”
The memory of the Seongsu Bridge disaster—despite narrowly avoiding Sampoong’s collapse— seemed to weigh on Jin-hyung. Concerned about structural safety, he nodded more readily than usual.
President Park Jin-hyung turned to Chairman Park with a serious face.
“I do think we need to verify whether it truly poses a collapse risk.”
Chairman Park crushed the last bit of his cigarette into a crystal ashtray and replied.
“If safety is an issue, then as Seok-won says, we’ll have no choice but to tear it down. But there are the tenants to consider, and contract issues. And rebuilding the place from scratch isn’t going to be cheap. Will it even be worth it financially?”
Jin-hyung, who had been doing due diligence in anticipation of the Nasan acquisition, offered a more skeptical take.
“Nasan already pivoted the Nonhyeon branch into a home interior and lifestyle specialty store to escape competition from all the new department stores popping up nearby. Considering that, I don’t think it’ll be easy to recoup the investment.”
“I agree.”
Chairman Park leaned back in his chair, frowning deeply.
“We can’t just leave the building empty either. What a headache this is.”
“Then give it to me.”
The sudden voice made Chairman Park blink in surprise as he looked at Seok-won.
“You want it?”
“Yes.”
President Jin-hyung, sitting across the table, looked stunned.
“Didn’t you just say with your own mouth the building’s unusable?”
“I did.”
“Then what are you going to do with it?”
Chairman Park Taehong turned to look at Seok-won with curiosity, and Seok-won responded with a light smile.
“Tearing it down and building another department store wouldn’t be profitable. But if we’re just talking about the land, it’s in a prime spot—it’ll appreciate even if we just sit on it.”
Still seated on the sofa, Chairman Park nodded in agreement.
“It’s close to the Gangnam District Office and the tax office, with affluent neighborhoods like Cheongdam-dong and Apgujeong nearby. That intersection where the Nonhyeon branch is located really is a hot spot.”
“So what, you're thinking of putting up an office building or something?”
Seok-won shrugged at his older brother’s question.
“Maybe. Or something else entirely. I’ll figure out how to use it later.”
“You’re saying you want to buy it without even having a plan for what to do with it?”
“It’s not easy to acquire a plot of land that big right in the heart of Gangnam. That’s exactly why I want to grab it now, while the opportunity’s there.”
President Park Jin-hyung stared at him, speechless from the sheer audacity of his answer.
Chairman Park, listening to the conversation, burst out in hearty laughter.
“Hahaha! He’s right. When something good comes along, you grab it first.”
“Unbelievable…”
Park Jin-hyung shook his head, clearly conceding the argument.
“Do what you want. Honestly, there’s probably no one in Korea with more liquid cash than you right now.”
Turning to his father, Seok-won gave him a hopeful look.
“So you’ll let me have the Nonhyeon branch?”
“It’s the lowest-earning location of the four branches anyway, and if the building is faulty, holding onto it will just be a headache. Go ahead and take it.”
“Thank you.”
Chairman Park agreed generously, then curled his lips into a sly smile.
“If it were up to me, I’d just give it to you. But since it’ll become part of the group’s assets once we acquire Nasan Department Store, you know I can’t do that.”
“Of course, I’ll buy it properly.”
Chairman Park crossed one leg over the other and leaned back comfortably.
“Alright then. Name your price.”
“How about 10 billion won?”
“You just said it was prime Gangnam real estate, and you’re only offering 10 billion?”
“...Then how much do you want for it?”
Holding up two fingers, Chairman Park gave his answer.
“Just hand over two big bills.”
“Twenty billion?!”
Seok-won looked stunned, but Chairman Park replied casually, as if it were a fair deal.
“The real estate market may be weak right now, but anyone would covet that land. And like you said, it’s not easy to find such a large lot in Gangnam. Leave it alone for a while, and the value will only keep rising. So 20 billion isn’t exactly overpriced.”
Then he turned to his eldest son, looking for confirmation.
“Right?”
“Uh… yes. That’s true.”
President Park Jin-hyung, taken aback by his father’s uncharacteristically playful demeanor, nodded slightly in surprise.
“See? Even your brother agrees,”
Chairman Park said smugly.
“Still, it’s not like we’re strangers—it’s father and son. Isn’t 20 billion won a bit much?”
“Didn’t you say just the other day that we need to strictly separate business from personal matters, even while taking a 20% management fee?”
“Ugh...”
Seok-won let out a low groan, and Chairman Park’s face lit up with satisfaction.
It felt incredibly refreshing to finally put his cheeky second son—who always skimmed off hefty fees—in his place, just this once.
In high spirits, Chairman Park glanced slyly at his son and tossed out a bait.
“I’ve been thinking of entrusting you with managing the group’s surplus funds again. If you lower your management fee, I’ll lower the land price too.”
“Tsk…”
After thinking for a moment, Seok-won answered.
“I’ll just buy the Nonhyeon branch for 20 billion.”
“Huh? Are you really saying you’ll pay 20 billion for the Nonhyeon branch?”
Not expecting him to agree to the price without haggling, Chairman Park blinked in surprise.
President Jin-hyung also looked at his younger brother in disbelief, as Seok-won responded casually.
“It’s a bit pricey, sure. But the land value will only go up from here, so I’ll just bury it as a longterm investment.”
In fact, considering that the derelict building was eventually sold at auction more than ten years later for 105 billion won, buying it now for 20 billion was far from a bad deal.
‘If I build an office tower or high-rise residential complex there, the value will skyrocket.’
Seok-won thought about how the Daekwang Building near Seoul Station had surpassed 1 trillion won in valuation, and figured this site could easily yield ten times the return within a decade.
‘Speaking of which, I should buy the Daekwang Building too if it ever hits the market.’
During the IMF crisis, as many companies went bankrupt or underwent restructuring, valuable properties like the Daekwang Building were dumped at rock-bottom prices.
Originally, foreign hedge funds swept up these distressed real estate assets, then flipped them at sky-high prices once the economy recovered, pocketing enormous profits.
‘No way I’m letting those foreign hedge funds walk away with easy money this time.’
Determined, Seok-won mentally added the Daekwang Building to his shopping list and began considering setting up a separate real estate management company to scoop up undervalued properties en masse.
Meanwhile, Chairman Park, visibly flustered, spoke again.
“If the building has structural issues and needs to be torn down, I could lower the price…”
“No need. If I get it too cheap, someone might try to make a fuss later. I’ll just pay the full amount.”
Chairman Park had hoped to offer a generous discount and quietly lower the fee Seok-won would charge for managing the group’s capital. But his son’s unexpected response left him clicking his tongue in disappointment.
“Tsk, tsk.”
Having too much money was a problem, too.
Unaware that Chairman Park Taehong was quietly clicking his tongue in frustration, Seok-won continued to speak smoothly, keeping the conversation flowing.
“Once the group acquires Nasan Department Store, I’ll take over the Nonhyeon branch separately. That way, it won’t get too complicated, and it’ll look better from the outside.”
“...Yeah, that probably makes the most sense.”
Chairman Park replied, his tone deflated and his face showing a hint of resignation.
“By the way, what did you mean earlier when you said you'd entrust me with managing the group’s surplus funds again?”
“Ah, that…”
Just as Chairman Park reflexively opened his mouth to answer, he suddenly made a sour face.
If he brought that topic up now, his sly second son—who had just gotten the better of him— would no doubt find a way to add interest and hand it right back to him.
“It’s nothing.”
He smacked his lips with a disgruntled click of the tongue and abruptly turned his head away.
At that moment, his eyes locked with his eldest son, who was struggling to suppress a laugh.
“Pfft... oops.”
President Park Jin-hyung quickly put on a poker face again, but it was already too late.
Chairman Park shot his eldest a disgruntled glare and let out a loud tsk
