Homeplus Restructuring Boosts E-commerce and Supermarkets Amid Offline Decline
Homeplus, currently undergoing corporate rehabilitation procedures (court management), is witnessing a ripple effect benefiting e-commerce and corporate supermarkets (SSM) due to its store reduction. This trend highlights the structural decline of large offline retail stores.
According to data from alternative data platform Aicel, the estimated credit card payment amounts for four major offline brands—Emart, Traders, Lotte Mart, and Homeplus—totaled approximately 2.2347 trillion won over a period of about seven weeks from December 28 of last year to February 14 of this year. This figure represents a 14.4% decrease compared to the same period a year prior, which recorded 3.0554 trillion won. This marks the fourth consecutive year of negative growth in offline payment amounts for large supermarkets. In 2022, the annual payment amount decreased by 11.0%, showing significant declines projected for 2023 (-0.81%) and 2024 (-0.19%).
When analyzing by brand, Homeplus reported a staggering drop in payment amounts, totaling 549 billion won during the last seven weeks, which is a decrease of 459.1 billion won (45.5%) compared to the previous year. Homeplus has initiated a restructuring plan that began with the closure of five stores last December, focusing on underperforming locations. Despite a massive consumer exodus, rival large supermarkets have seen little to no spillover benefits. Emart, the country’s largest discount store, experienced a decrease in payments of 19.8 billion won (1.5%) during this timeframe, while Lotte Mart saw a modest increase of about 4.2%, amounting to just 17.8 billion won.
In contrast, online and nearby channels have continued to show a remarkable upward trend. The leading SSM brands, GS The Fresh and Lotte Super, reported increases in payment amounts of 6.4% and 13.9%, respectively. Emart Everyday also demonstrated a growth rate of 3.6%, diverging from the decline seen in its larger supermarket counterparts. Additionally, the e-commerce platform Kurly, known for its strengths in fresh food delivery, recorded a notable growth of 14.5%. This shift underscores the changing dynamics in the retail sector, as consumers increasingly turn to online shopping and smaller convenience formats.
According to data from alternative data platform Aicel, the estimated credit card payment amounts for four major offline brands—Emart, Traders, Lotte Mart, and Homeplus—totaled approximately 2.2347 trillion won over a period of about seven weeks from December 28 of last year to February 14 of this year. This figure represents a 14.4% decrease compared to the same period a year prior, which recorded 3.0554 trillion won. This marks the fourth consecutive year of negative growth in offline payment amounts for large supermarkets. In 2022, the annual payment amount decreased by 11.0%, showing significant declines projected for 2023 (-0.81%) and 2024 (-0.19%).
When analyzing by brand, Homeplus reported a staggering drop in payment amounts, totaling 549 billion won during the last seven weeks, which is a decrease of 459.1 billion won (45.5%) compared to the previous year. Homeplus has initiated a restructuring plan that began with the closure of five stores last December, focusing on underperforming locations. Despite a massive consumer exodus, rival large supermarkets have seen little to no spillover benefits. Emart, the country’s largest discount store, experienced a decrease in payments of 19.8 billion won (1.5%) during this timeframe, while Lotte Mart saw a modest increase of about 4.2%, amounting to just 17.8 billion won.
In contrast, online and nearby channels have continued to show a remarkable upward trend. The leading SSM brands, GS The Fresh and Lotte Super, reported increases in payment amounts of 6.4% and 13.9%, respectively. Emart Everyday also demonstrated a growth rate of 3.6%, diverging from the decline seen in its larger supermarket counterparts. Additionally, the e-commerce platform Kurly, known for its strengths in fresh food delivery, recorded a notable growth of 14.5%. This shift underscores the changing dynamics in the retail sector, as consumers increasingly turn to online shopping and smaller convenience formats.
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