Shinsegae to double down on hypermarkets as Homeplus falters

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Shinsegae to double down on hypermarkets as Homeplus falters - Korea Economic Daily

Quick Summary:

To improve margins at its grocery-focused offline stores, Shinsegae has been consolidating purchasing operations across E-Mart, its supermarkets, and warehouse clubs since last year, allowing the group to source products in bulk at lower prices.SSG.

Shinsegae Group Chairman Chung Yong-jin has unveiled ambitious plans to expand the group’s hypermarket footprint, just a day after South Korea’s second-largest hypermarket operator Homeplus Co., filed for court protection amid a slowdown in the offline retail sector.

Gmarket, which Shinsegae acquired from eBay in 2021, is set to launch a joint venture with Alibaba this year in an effort to drive growth and leverage global expertise.In 2024, Shinsegae Inc.’s operating profit fell 25% to 479.5 billion won, despite a 3.4% increase in sales.Net profit tumbled 43.5% to 176.2 billion won.