COVER STORY Homeplus reopening draws crowds amid hopes, concerns

Visitors to a Homeplus store in Gangseo District in southwestern Seoul line up before the store's 10 a.m. opening, Thursday. The hypermarket reopened after 31 days of temporary closure due to a liquidity problem. Korea Times photo by Choi Won-suk

SEOUL/SEONGNAM, Gyeonggi Province — People started showing up in front of the main entrance of the Homeplus in southwestern Seoul's Gangseo District before its 10 a.m. opening Thursday. Some 30 minutes before, the crowd of mostly older adults began lining up in front of the local outlet. For the past 31 days, the store has remained closed as the company temporarily suspended operations due to a lack of operating funds during the rehabilitation process.

The store is back in business after a Seoul court gave the cash-strapped retailer another chance, with the new deadline for court approval of its rehabilitation plan set for Sept. 4.

One woman who lives in the vicinity said she had learned about the store’s reopening, noting that before the temporary closure of 67 outlets on July 13, shelves at the Homeplus Gangseo were nearly empty.

“There were no eggs, no milk. But I still came here today because prices are often on sale and affordable,” she said.

Fifteen minutes before opening, visitors were allowed inside the building. But when over 100 customers formed a queue in front of the entrance to the food section, store clerks were busy keeping order for public safety.

At 10 a.m., the people in line rushed in. To mark the reopening, Homeplus held dozens of promotional events, including a 50 percent discount on hanwoo, or Korean beef, as well as other discounts and deals.

“I live in this neighborhood. I come here often. I wondered how crowded the store would be today,” another customer said.

The temporary closure was particularly difficult for older consumers who are more comfortable shopping offline than online, including 90-year-old Shin Hyun-suk.

"I am 90 years old but I still feel comfortable coming out to shop at offline stores because my vision has gone blurry. It was really inconvenient when the Homeplus Gangseo store closed. I cannot shop online so I have to come out and take my walker to get here," Shin said.

Shin Hyun-suk, 90, right, checks the expiration date on a carton of milk at the Homeplus Gangseo store in southwestern Seoul, Thursday. Korea Times photo by Choi Won-suk

On the ground floor, which is occupied by small vendors and cafes, a manager at the Nanning 9 fashion store was talking to passersby.

“When this Homeplus store closed last month, it wasn't just the store employees who bore the brunt but also consumers. The inconvenience was enormous, forcing them to travel a longer distance for simple grocery shopping," she said. "I know many in this neighborhood who would join a protest to keep this store open, if there was one. During the closure, consumers realized how important this store was to their daily lives.”

The owner of an optical store said she was surprised at the volume of visitors.

“I feel kind of relieved now that the store is open and I’m back to work. But I’m still concerned about that court decision on Sept. 4,” she said, referring to when the Seoul Rehabilitation Court will decide whether to continue with the company’s rehabilitation or terminate the process, which could lead to liquidation.

Rep. Han Byung-do, right, acting leader and floor leader of the ruling Democratic Party of Korea, and Rep. Shin Jang-sik, leader of the minor liberal Rebuilding Korea Party, shop for groceries at the Homeplus Gangseo store in southwestern Seoul, Thursday, after participating in a press conference aimed at launching a campaign to normalize Homeplus operations. Yonhap

An employee arranging batteries said she is grateful to be back, and that while the store’s food aisles were well-stocked, other areas of the store were not.

“I kind of expected this crowd of visitors today. Many patrons had told me they will come back,” she said.

More than 10 lawmakers from the ruling Democratic Party of Korea, including floor leader Han Byung-do, visited the Gangseo store to encourage the public to shop at Homeplus, as well as politicians from minor parties. They said they hope to raise the company’s sales and see the court approve its rehabilitation plan so it can resume normal operations as one of the country’s largest retailers. They were accompanied by Homeplus CEO Joh Ju-yeon and Gangseo District head Jin Kyo-hoon.

The Homeplus Yatap store in Seongnam, Gyeonggi Province, was also among the 67 Homeplus outlets nationwide that reopened. Three hours after opening, store employees were busy moving around carts and merchandise, demonstrating how busy the store was.

Displays remain empty in a section that previously sold health supplements inside the Homeplus Yatap store in Seongnam, Gyeonggi Province, Thursday. Korea Times photo by Ko Dong-hwan

“Before the store test-opened last Friday, foot traffic at this mall was slow. The change of atmosphere is evident,” said a manager at a dry cleaner in front of the store.

Homeplus, owned by private equity firm MBK Partners, filed for court-led rehabilitation proceedings in March 2025 after a credit rating downgrade left it unable to pay its short-term debt. The rehabilitation court initially moved to terminate proceedings in early July this year, which would have pushed the retailer toward liquidation. The court reversed that decision on July 21 and extended the deadline for creditors to approve a rehabilitation plan to Sept. 4.

The extension followed an injection of emergency debtor-in-possession financing that allowed Homeplus to settle overdue rent, utility bills and payments to suppliers.