Shinsegae group chief confirms closure of all discount stores in China

By Park Sae-jin Posted : May 31, 2017, 15:14 Updated : May 31, 2017, 15:14

[Courtesy of E-Mart]



The de facto head of South Korea's retail conglomerate, Shinsegae Group, confirmed the complete withdrawal of E-Mart discount stores in China in line with a scale down at home.

The shutdown of six E-Mart shops in China has been anticipated because of poor performances exacerbated by a diplomatic row over the deployment of a US missile shield in South Korea that sparked a consumer boycott.

Group vice chairman Chung Yong-jin told reporters on Wednesday that E-Mart would close all six outlets in China without disclosing a concrete timetable, 20 years after it opened the first store in 1997. E-Mart used to have about 30 outlets across China.

E-Mart has also streamlined its business at home because of a prolonged economic downturn and fierce competition in the saturated retail market that has forced shopping malls to change their traditional business strategy as consumers move fast to online shopping malls.

Lim Chang-won = cwlim34@ajunews.com

 
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