Homeplus sees first revenue growth in 12 years

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Homeplus sees first revenue growth in 12 years

Homeplus CEO Jay Lee speaks at the event "Business Strategy Report Homeplus 2023" in the retailer's headquarters in Gangseo District, western Seoul on Monday. [HOMEPLUS]

Homeplus CEO Jay Lee speaks at the event "Business Strategy Report Homeplus 2023" in the retailer's headquarters in Gangseo District, western Seoul on Monday. [HOMEPLUS]

 
Retail store chain Homeplus saw its annual revenue grow for the first time in 12 years in 2022.
 

“We’ve achieved growth in all distribution channels both online and offline,” said Jay Lee at Homeplus’s headquarters in Gangseo District, western Seoul at an event titled "Business Strategy Report Homeplus 2023" on Monday. 
 
“This year, we hope to envision a consumer-based shopping environment and create tangible growth in terms of profit."
 
Lee touted achievements made in “Homeplus Megafood Market” which opened last February.
 
Homeplus Megafood Market is part of the retail chain’s efforts to improve profitability by refurbishing its grocery stores to focus on high-end fresh food.
 
“We executed change and revolution to assure the direction of management that we were heading forward and in the center of the change lay the expansion of online infrastructure in Homeplus Megafood Market,” said Lee. “We proved to consumers that there was a need to visit our offline stores and [the system] could be as successful offline.”  
 
Homeplus’s two keywords for this year are “consumer experience” and “sustainable growth.” 
 
Six management goals set by Homeplus are: Achieve growth for all branches nationwide; develop a revolutionary commodity from its iconic goods; aggressively expand its online business; realize branches with improved environment and futuristic concepts; push ahead with coming up of an “all-line” integrated marketing system; and actualize establishment of bright and positive working culture.
 
Lee also singled out rebranding as one of its successful management tactics.
 
“Advertisements to promote ‘Dang Dang Chicken’ and the ‘Fresh Way of Thinking’ campaign allowed us to escape our rather old-fashioned image and made an impression that we are ‘young, trendy and dynamic brand,’ and it contributed to us surpassing 8 million in our ‘My Homeplus’ membership,” Lee said. “It gave us confidence about our future as the number of consumers in their 20s and 30s, which are at the heart of our sustainable growth, became larger.”
 
The audit report for 2022 is expected to be completed by this month. 
 

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]
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