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E-Mart completely exiting from China: Shinsegae Vice Chairman

Collected: 2017.06.01

Distributed: 2017.06.05

Source: Go Direct

E-Mart Inc., a discount store unit of South Korea’s retail conglomerate Shinsegae Group, will completely pull out of China, the group’s de facto head said on Wednesday.

Chung Yong-jin, vice chairman of Shinsegae Group, confirmed exit policy while meeting reporters in a job exhibition hosted by the conglomerate and its partnering firms at the Korea International Exhibition Center in Goyang, Gyeonggi.

E-Mart entered the Chinese market in 1997 and expanded business to manage up to 30 stores. Only six stores remain as the retailer downsized business to prevent further losses. The six remaining stores will shutter depending on contract terms.

Chung said the retailer will continue to persuade local merchants who have been protesting to its plan to build a third multi shopping mall in Bucheon, Gyeonggi. The conglomerate’s plan has been met with fierce opposition from small merchants in the area.

“If we’re given the opportunity (to do business), we’ll do our best,” Chung said.

E-Mart has been eager in building super-size multi-purpose shopping malls upon opening two sites under the brand of Starfield in Hanam and Goyang. But the group’s expansion could hit a snag under liberal president who is intent on leveling out the chaebol-dominated corporate playing field for smaller enterprises.

“There are no regulative moves so far. We would have to wait and see,” he said.

He said he was not fully satisfied with the two super malls and plan to design them.

The new Starfield outlet in Goyang opening in August will be dedicating a space for toddlers.

By Sohn Il-seon

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