Shinsegae department store. Shutterstock.
The South Korean retailer will close down off-site specialty arms including Electro Mart and PK Market to focus on its core offerings, The Korea Times reports.
In June, E-Mart, which is owned by department store operator Shinsegae, acquired eBay Korea’s business for $3 billion in a deal expected to give Shinsegae an edge in the market’s ongoing e-commerce arms race. “With the acquisition of eBay Korea, we felt we need to focus on sharpening E-mart’s core strengths by closing down specialty stores located outside of our retail properties,” said an official cited by The Korea Times.
The move rounds out the firm’s ongoing efforts to shed unprofitable brands from its portfolio. E-Mart was formerly British drugstore player Boots’ local partner, but Boots exited the market in February 2020.
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