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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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 Posted: Mon May 22, 2006 7:18 pm Post subject: Shinsegae to Take Over Wal-Mart Korea |
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I love this, now if we could only get Wal-mart out of Canada and the US I would be happy.
http://times.hankooki.com/lpage/200605/kt2006052217060310160.htm
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Shinsegae has bought Wal-Mart stores operating in Korea for 825 billion won ($872 million).
In a press conference in Seoul Monday, Koo Hak-su, CEO of Shinsegae said the department store�s discount chain E-Mart will absorb all 16 Wal-Mart stores in Korea.
E-Mart is a retail chain affiliate of Shinsegae, which accounts for 30 percent of the local discount store market.
With the acquisition of Wal-Mart Korea, which was 100 percent owned by Wal-Mart, Shinsegae has expanded its retail stores under E-Mart to 102 at home and abroad.
Meanwhile, Wal-Mart Korea said it had decided to pullout from the Korean market and sell off its retailers to Shinsegae as it has not reach its expected growth in the country.
``As we continue to focus our efforts where we can have the greatest impact on our growth strategy, it became increasingly clear that in South Korea's current environment it would be difficult for us to reach the scale we desired,�� said Mike Duke, vice-chairman of Wal-Mart.
``Through this take over of Wal-Mart Korea, Shinsegae will be able to consolidate in the local discount store market and further expand its business to China,�� said Koo.
Shinsegae�s announcement came just less than a month after Carrefour SA of France sold its retail stores to Korea�s fashion and consumer goods retailer E.Land Group for 1.75 trillion won.
Carrefour, the world�s second largest retail chain behind Wal-Mart, said in April that the sales of its Korean operations are based on its global strategy.
E.Land had been considered an underdog in the competition bid for Carrefour�s 32 outlets, as the three largest discount store operators _ Shinsegae E-Mart, Lotte Shopping and Samsung Tesco _ were considered dominant bidders. |
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On the other hand
Joined: 19 Apr 2003
Location: I walk along the avenue
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| Posted: Mon May 22, 2006 7:53 pm Post subject: |
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I love this, now if we could only get Wal-mart out of Canada and the US I would be happy.
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That could probably be accomplished, quite easily, if everyone just stopped shopping there. |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Mon May 22, 2006 8:05 pm Post subject: |
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| Yeah but Canadians and Americans are too stupid, or not nationalistic enough? |
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JongnoGuru
Joined: 25 May 2004
Location: peeing on your doorstep
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| Posted: Mon May 22, 2006 8:06 pm Post subject: |
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WAY too many threads on this.
MODs, is there some way you could....? |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon May 22, 2006 9:36 pm Post subject: |
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| JongnoGuru wrote: |
WAY too many threads on this.
MODs, is there some way you could....? |
No no I like the direction this is going. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon May 22, 2006 9:39 pm Post subject: |
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| Octavius Hite wrote: |
| Yeah but Canadians and Americans are too stupid, or not nationalistic enough? |
Consumers are generally price savvy over a couple dozen household products: soap, kleenex, toothpaste. Any store that offers them the best price on those products wins customers. Nationalism takes a back seat, I think, to the lowest price on stuff you need to use every day. |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Mon May 22, 2006 9:43 pm Post subject: |
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| If nationalism takes a back seat, why is Wal-mart failing in Korea when it has conquered so many others? |
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JongnoGuru
Joined: 25 May 2004
Location: peeing on your doorstep
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| Posted: Mon May 22, 2006 10:04 pm Post subject: |
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| Octavius Hite wrote: |
| If nationalism takes a back seat, why is Wal-mart failing in Korea when it has conquered so many others? |
Octavius, the news is all over the papers today, and I'm sure any article you read will list the same factors.
The "big-ugly-box-on-outskirts-of-city" concept looks great on paper, looks great in most Western countries. In Korea, it's a recipe for traffic nightmares.
When Wal-Mart realised that Koreans actually prefer big ugly boxes right in the city and right in their faces (because let's face it, Koreans live in big ugly boxes to begin with) their Korean competitors had already moved in and grabbed up most logical locations.
Korean analysts say Wal-Mart (& Carrefour) "weren't aggressive enough in expanding their networks" in South Korea. Sounds simplistic, but I'm inclined to agree. Foreigners in general fail here by not being aggressive enough in dealing with the locals.
They didn't focus enough on food & beverages, unlike their Korean rivals.
The very look of the outlets themselves (towering ceilings, warehousy, exposed materials, unpainted concrete) weren't razzamatazzy enough and the shopping experience (no shouting at customers through megaphones) wasn't carnival-atmosphere enough to entertain & amuse the average bubble-headed housewife? Maybe. No hand-clappy happy? No loud? No jumpy? No blaring K-pop??!! Bo-ring.... |
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jinju
Joined: 22 Jan 2006
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| Posted: Mon May 22, 2006 10:07 pm Post subject: |
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| the other 678 threads on this were mildly informative, this one is just gay. |
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JongnoGuru
Joined: 25 May 2004
Location: peeing on your doorstep
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| Posted: Mon May 22, 2006 10:15 pm Post subject: |
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No it's not. I made some very manly, hard-hitting points there.
Survey says...... not  |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Mon May 22, 2006 10:20 pm Post subject: |
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| Just gay?????? Man i was thinking it was so straight, you know, boring, dull, unable to dress itself properly, and ignorant. |
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jinju
Joined: 22 Jan 2006
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| Posted: Mon May 22, 2006 10:38 pm Post subject: |
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| Octavius Hite wrote: |
| Just gay?????? Man i was thinking it was so straight, you know, boring, dull, unable to dress itself properly, and ignorant. |
Thats the gayest comeback ever. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Tue May 23, 2006 5:00 am Post subject: |
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| Octavius Hite wrote: |
| If nationalism takes a back seat, why is Wal-mart failing in Korea when it has conquered so many others? |
I would not discount nationalism as a factor, for sure. I remember my GF trying to buy an air pad for her laptop and she refused to buy the cheaper china pad, insisting on buying the more expensive Korean one, even though the Korean one was clearly all scuffed up.
One of the things that Korea is good at is spotting a trend and copying it in Korea BEFORE the multinationals come. E-Mart opened before WalMart. I seem to recall Shinsagae partnered with Costco, learned all the Costco techniques, and then while they were still partners with Costco, opened the competing E-Mart. Costco was less than impressed and kind of sent a message to other multinationals partnering with a chaebol to examine contracts with a fine tooth comb. |
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Moldy Rutabaga
Joined: 01 Jul 2003
Location: Ansan, Korea
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| Posted: Tue May 23, 2006 5:28 am Post subject: |
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It's all Wal-mart's fault for not having a cool song that they could play over store loudspeakers.. all day.. morning and night.. every day:
La la la la la la la la la la la la la
La la la la la la la la la la la la la
Happy happy happy happy happy happy Wal-mart day
La la la la la la la la la la la la la
La la la la la la la la la la la la la
Happy happy happy happy happy happy Wal-mart day
That would have done it, surely.
Ken:> |
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