April 24, 2024

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[THE INVESTOR] Korean hypermarket Homeplus said on March 27 it will push to join a European distribution network in a move to ensure customers have access to quality goods at lower prices.

The second-largest retailer in Korea has already worked with the European distribution network whose combined annual sales are worth about 180 trillion won (US$167.40 billion).

The network is composed of major retailers in about 10 European countries, Homeplus said without elaborating.

Homeplus said it has been coordinating and building trust with the European distribution network for a formal joining of the vast distribution network.

The formal partnership will provide price competitiveness to Homeplus as the Korean retailer can negotiate prices with global suppliers through the distribution network.

Homeplus, which is owned by the Seoul-based private equity fund MBK Partners, is South Korea‘s No. 2 hypermarket with 142 outlets across the country, after E-mart run by retail giant Shinsegae.

Last year, Homeplus generated 7.9 trillion won in sales, according to the company.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)