In shocking news for all SM Entertainment artist fans, it was revealed by the company themselves that their famous hot-spot for all things SM Entertainment, the SMTOWN COEX Artium, may be closing down.
In their reply to a letter sent to the company by KB Asset Management, the third largest shareholder in SM Entertainment with a 7.59% stake, they revealed the stunning news to the public for the first time. KB Asset Management requested for SM Entertainment to merge Lee Soo Man‘s private business with SM, 30 percent of the dividends, and to close their businesses that are running at a deficit.
We are considering halting the operation of COEX Artium, which has been a K-Pop landmark that millions of fans have visited since its opening in 2015. This is because we received a letter stating that we need to sort out the businesses that we have, that are operating at a deficit.
— SM Entertainment
Since it’s opening in 2015, SMTOWN COEX Artium has been a home for fans of all SM Entertainment artists, from old-school Kangta and BoA to new-generation Red Velvet and NCT, to visit and purchase merchandise, albums, and even meet their favorite artists.