One of South Korea's most prominent retail companies, Shinsegae, announced today that it will invest a record-breaking amount of KRW2.5 trillion (US$2.2 billion) within the year to alleviate the low demand in the local industry.

According to the retailer, it had already placed KRW1.5 trillion during the months of January until June. Shinsegae planned to continue the investments by spending the rest of the amount by the second half of 2013. A year ago, the company invested a total of KRW2.2 trillion.

The investment was placed to aid the lackluster domestic demand which could possibly generate new jobs for the unemployed population of South Korea. Shinsegae Group operates the Shinsegae Department Store and E-Mart, a discount retailer chain.

In the first six months of this year, the mega retailer employed 17,000 new workers. The company said it will open 7,000 more jobs by the second half of 2013.

The South Korean government earlier announced that it is strenghtening its campaign to raise the employment rate of the country to 70% in the next five years.