Discount chains to restrict business to support small biz

Presidents of large discount store chains such as E-Mart, Lotte Mart and Homeplus agreed to refrain from opening new stores and to voluntarily close on Sundays in a bid to support small retailers and mom-and-pop shops.

Chiefs of the retail giants also agreed with associations of merchants and small supermarkets during a meeting on Monday to organize a consultative body to discuss the current law that requires large outlets to close every other Sunday and measures to support small and medium-sized enterprises, the Ministry of Knowledge Economy said.

From the SME side, Jin Byung-ho, head of the Korean Merchant Association which represents traditional markets, and Kim Kyung-bae, head of KOSAMART which represents supermarkets, joined the meeting.

From the large chains, Lee Seung-han, chairman of Homeplus and the trade association of chain stores; presidents Choi Byung-ryul of E-Mart; Noh Byung-yong of Lotte Mart; Wang Hyo-seok of Homeplus; Hong Jae-moo of GS Retail; Soh Jin-se of Lotte Super; and Shim Jae-il of E-Mart Everyday attended the meeting.

Knowledge Economy Minister Hong Suk-woo also attended the meeting which was arbitrated by the ministry.

By Kim So-hyun (sophie@heraldcorp.com)