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The Korea Herald
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THE INVESTOR
March 29, 2024

Retail & Consumer

Homeplus to add warehouse elements to outlets

  • PUBLISHED :March 27, 2018 - 15:31
  • UPDATED :March 27, 2018 - 15:44
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[THE INVESTOR] Korean hypermarket Homeplus CEO Lim Il-soon on March 27 said the company would apply warehouse elements to 10 of its outlets this year.

“Warehouse-style discount chain stores alone cannot satisfy all of our customer needs,” Lim said during a press conference held in Seoul. “By launching what we call ‘Homeplus Special’ stores where warehouse-scale shopping co-exists with retail and hypermarkets, we can cater to everyone from single-person households to sole proprietors.”

Branches in Seoul, Busan and Daegu are the most likely candidates to be renovated into Homeplus Special stores in the first half of this year.

 

Homeplus CEO Lim Il-soon



Lim said it’s too early to elaborate on the specific details, but emphasized that the new stores will be differentiated from local competitors. “We are not going be a copycat of E-mart Traders,” Lim stressed.

He added that Homeplus will cut prices at its new stores by changing the selection of merchandises based on their popularity and expanding its own private brand Simplus. To provide quality goods at lower prices, the CEO said Homeplus has formed a partnership with a European distribution network but declined to disclose the name.

“Our PB products show how we are utilizing our European network,” a Homeplus spokesperson told The Investor.

Owned by Seoul-based private equity fund MBK Partners, Homeplus runs 142 outlets and is the second biggest hypermarket here following E-mart, run by retail giant Shinsegae.

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

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