Homeplus considers partial sale amid declining revenue

Homeplus is facing severe financial difficulties, with early monthly sales reaching only approximately 30% of its target. This represents a significant decline from mid-September, when sales were at 40% of the goal. Daily revenue during the recent Chuseok holiday period reportedly dropped to the 3 billion won range, a sharp decrease from the 10.6 billion won recorded on its reopening day in August.

The retailer's decline is attributed to slowing consumer spending and the withdrawal of major anchor tenants like Olive Young and Daiso from its locations. In response to the crisis, Homeplus has begun accepting voluntary retirement applications without severance pay, provided that unpaid wages, holiday bonuses, and retirement benefits are settled.

Currently, the company is pursuing a full sale of its headquarters and 67 hypermarkets through a business transfer. However, as no clear buyers have emerged despite investment guides being sent out by Samil PwC, there is growing speculation that the company may pivot to a partial sale. This would involve selling profitable individual stores to other retailers and separately disposing of high-value real estate assets. While a partial sale might increase the likelihood of finding buyers, it raises significant concerns regarding job security for the company's approximately 9,121 employees.