Mr. A, who runs a restaurant inside a Homeplus store, has been losing sleep lately. His anxiety began in March when Homeplus filed for corporate re...
Mr. A, who runs a restaurant inside a Homeplus store, has been losing sleep lately. His anxiety began in March when Homeplus filed for corporate rehabilitation and has worsened in recent weeks. That is because the Homeplus branch where his restaurant is located is among those for which the company notified landlords of lease termination.
Mr. A only opened his restaurant three years ago, investing hundreds of millions of won in interior design and setup. “When I signed the contract, I was told I could operate until 2037. Now, I’m living in constant fear that my store could be shut down,” he said. Homeplus recently notified landlords of lease terminations at 17 of its stores across the country, citing failed rent adjustment negotiations. This has left small business owners who operate within those stores deeply anxious. If mass closures become a reality, Homeplus, currently Korea’s second-largest hypermarket chain, would fall to third place, signaling what many see as an actual restructuring. As of May 26, industry sources report that 68 of Homeplus’ 126 stores nationwide operate under lease agreements. The company has been negotiating with landlords and has so far notified 17 stores of lease terminations. These include stores in Gayang, Ilsan, Siheung, Jamsil, Gyeyang, Incheon-Sungi, Incheon-Nonhyeon, Woncheon, Ansan-Gojan, Hwaseong-Dongtan, Cheonan-Shinbang, Cheonan, Jochiwon, Dongchon, Jangnim, Ulsan-Bukgu, and Busan-Gamman. Nine additional stores had already been confirmed for closure even before the corporate rehabilitation filing. If all of these stores shut down, Homeplus would be left with just 100 locations, fewer than Lotte Mart’s 111 stores, dropping Homeplus to third place. The bigger concern is for the small business owners operating inside the affected Homeplus branches. Shops in large retail stores are classified as special-purpose commercial spaces, and as such, are not entitled to the legally guaranteed 10-year lease renewal typically available to standard commercial tenants. Each of the 17 stores facing lease termination hosts between 10 and 30 subleased businesses, totaling approximately 200 to 300 stores. Ms. B, who operates a mobile phone store at a Homeplus store in Seoul, said, “Some days I think I should just pull out, but I don’t know how much compensation I would get, and I can’t afford to leave either. I’m stuck.” Homeplus has said it is too early to discuss compensation for affected tenants. A company official said, “We are still negotiating with the landlords of the 17 stores. Our goal is to continue operations.” But tenants’ backlash is growing. The Homeplus Tenants Association held a press conference in front of MBK Partners’ headquarters in Gwanghwamun, Seoul, on May 26, criticizing the company for “shifting the consequences of its management failures onto small business owners.” MBK is the private equity firm that owns Homeplus, and this was the first press conference the association held targeting the firm. The association was especially critical of a certified letter recently sent by Homeplus to some tenants. Under normal procedures, tenants deposit their daily sales revenue to Homeplus headquarters, which then returns the balance after deducting commission fees and management costs by the end of the following month. However, since the company entered the rehabilitation process, some of them have been using personal payment devices instead of those of Homeplus, as the delayed payments have made it difficult for them to pay employees, buy food, and repay loans. According to the association, these tenants had still been faithfully paying commission fees and management costs, yet Homeplus sent them certified letters claiming that “such behavior violated contract terms and warned that failure to deposit sales could result in termination.” Head of the association Kim Byung-guk said, “This is an unfair act that seriously infringes on small merchants’ right to live. MBK has yet to offer any explanation or apology to the tenants.” 경제 많이 본 기사 The union sees the entire situation as part of a liquidation strategy. While Homeplus has publicly said that there will be “no forced layoffs,” and has promised to reassign employees at the 17 stores through a “job security support program,” the Korean Mart Labor Union’s Homeplus chapter remains skeptical. “In its Cheonan store alone, which is targeted for closure, there are more than 180 regular employees, but there are only 27 workers in a nearby Homeplus Express store,” adding, “In effect, it is indirect layoffs under the premise of restructuring.” An industry insider familiar with the situation said, “From Homeplus’ perspective, even rent negotiations are a tactical move. By offering drastically low rent and threatening to leave otherwise, what can a landlord do? Who is going to lease an entire hypermarket building in this bad economic situation? Everyone says MBK is being ruthlessly strategic.” ※This article has undergone review by a professional translator after being translated by an AI translation tool. 한글기사 원본
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