On Thursday, November 3, 2011, Incheon Metropolitan City and the Incheon Free Economic Zone Authority (IFEZ) signed a basic agreement with Sinsegae for the Incheon Hanok Village development project. The agreement was intended to establish a cooperative framework for creating a hanok-style cultural and tourism space within the Incheon Free Economic Zone. Incheon Hanok Village was reviewed as a project linking traditional culture experiences with tourism promotion, and Sinsegae participated based on its strengths in retail and tourism-related business. Sinsegae is a Korean company specializing in retail business.