Wholly owned NS Shopping wins bid, boosting Harim’s retail push
Harim Group, South Korea’s largest poultry processor, is stepping up its retail push after its wholly owned affiliate NS Shopping was named the preferred bidder for Homeplus Express, the supermarket chain of Homeplus, marking a renewed bid to build an integrated food-to-retail business.
Homeplus announced the preferred bidder selection Wednesday, saying it plans to swiftly finalize negotiations over detailed terms of the agreement and proceed to a deal. Homeplus, which has been undergoing a court-led rehabilitation, is pinning hopes on selling Homeplus Express at a price of 300 billion won ($203 million), the bare minimum funding for the stabilization process.
Although Harim had not submitted a letter of intent during the preliminary bidding stage earlier, industry watchers say its entrance at the last minute makes sense, as the conglomerate can create synergy by internalizing retail capabilities based on its existing livestock products, processed food items and meal kits.
“Participation in (the Homeplus Express) takeover is to strengthen our capabilities across online and offline businesses based on its food expertise and retail network,” said NS Shopping. “By integrating Homeplus Express’ nationwide offline network with existing businesses such as TV home shopping, data home shopping and online, mobile shopping malls, we can strengthen our capabilities in fresh grocery and expand contact points with customers.”
NS Shopping added that Homeplus Express’ existing partners will be given new growth opportunities as its online channels can offer an additional option to sell their products.
Of some 290 Homeplus Express stores across the country, about 80 percent are located within the Greater Seoul area, with a quick commerce system that can deliver products to customers in approximately one hour.
The Homeplus Express acquisition would mark Harim’s second shot at the "super supermarket" sector, which refers to franchised supermarkets run by large companies. Korea’s notable SSM players include E-mart, Lotte Mart and Homeplus.
NS Shopping launched its own SSM NS Mart in 2009, but eventually sold the retail business, including 23 stores and a logistics center, to E-mart for 45 billion won in 2012 due to intensifying competition, stricter rules over opening new stores and low profitability.
“Harim’s attempt to take over Homeplus Express shows the poultry processor’s willingness to expand its reach to customers on its own,” said an official at a retail company.
“With NS Shopping’s solid earnings, Harim will have to make decisions to solidify the value chain that ranges from food production to retail. As the struggle among the existing offline supermarkets is evident, Harim is going to have to leverage its food business to beat the competition.”
NS Shopping logged 612.1 billion won in sales and 52.1 billion won in operating profit last year, while its cash and short-term financial instruments stood at 137.1 billion won at the end of 2025.
hwkan@heraldcorp.com
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