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Korean Retail Giant E-Mart to Shutter Specialty Stores

Shinsegae division retailer. Shutterstock.

The South Korean retailer will shut down off-site specialty arms together with Electro Mart and PK Market to concentrate on its core choices, The Korea Instances experiences.

In June, E-Mart, which is owned by division retailer operator Shinsegae, acquired eBay Korea’s enterprise for $3 billion in a deal anticipated to offer Shinsegae an edge out there’s ongoing e-commerce arms race. “With the acquisition of eBay Korea, we felt we have to concentrate on sharpening E-mart’s core strengths by closing down specialty shops situated outdoors of our retail properties,” mentioned an official cited by The Korea Instances.

The transfer rounds out the agency’s ongoing efforts to shed unprofitable manufacturers from its portfolio. E-Mart was previously British drugstore participant Boots’ native accomplice, however Boots exited the market in February 2020.

Be taught extra:

A Guide to South Korea’s Booming E-Commerce Market

The pandemic set off an internet buying frenzy in what was already one of many world’s most digitally savvy international locations. Right here’s what manufacturers must know.

https://www.businessoffashion.com/information/global-markets/korean-retail-giant-e-mart-to-shutter-specialty-stores | Korean Retail Big E-Mart to Shutter Specialty Shops

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