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Harim's NS Home Shopping seeks to acquire Homeplus Express

Published: 22 Apr. 2026, 17:56

A man walks by a Homeplus Express branch in Seoul on April 22. [NEWS1]

NS Home Shopping, an affiliate of Harim Group, said Wednesday it is seeking to acquire supermarket chain Homeplus Express in a move that could mark the food manufacturer’s expansion into retail distribution.

The bid comes as shareholders of Homeplus are due to hold a key vote on its rehabilitation plan. The acquisition proposal also raises questions about whether Harim Group can successfully extend its manufacturing base into consumer-facing channels.

NS Home Shopping said in a statement that the acquisition proposal reflects “a strategic decision to strengthen both online and offline competitiveness based on our expertise in food and distribution.”

The company added that it expects to “further enhance competitiveness in fresh food and expand customer touchpoints by linking Homeplus Express’ nationwide offline stores with our existing businesses, including TV home shopping, T-commerce and online and mobile platforms.”

Homeplus said a day earlier that it had selected NS Home Shopping as its preferred bidder following an open tender for its Express unit.

Harim Group is betting that combining its manufacturing capabilities with a nationwide retail network will create synergies. The group plans to supply livestock products, processed foods and ready-to-eat meals produced by affiliates such as Harim and Farmsco directly through Homeplus Express stores.

Homeplus Express operates about 290 outlets, roughly 75 percent of which are concentrated in the Seoul metropolitan area, and has a strong one-hour delivery system.

“Given our strong commitment to the acquisition, we will do our utmost in the upcoming process,” said an NS Home Shopping representative. “While some supermarket operators have combined home shopping with offline retail channels, we believe we can generate even greater synergy by adding a manufacturing base.”

Industry observers say the move also reflects an effort to secure a new growth engine beyond the home shopping sector, where profitability has been under pressure.

NS Home Shopping, which is owned by Harim Group, posted 612.1 billion won ($415 million) in revenue last year, with operating profit of 52.1 billion won and net profit of 52.5 billion won. Harim Group has total assets of about 17 trillion won, ranking among Korea’s top 30 conglomerates.

Still, the potential acquisition faces significant hurdles, both in the acquisition process and in future operations.

NS Home Shopping previously withdrew from the supermarket business after struggling with intensifying competition and weak profitability.

It sold all 23 outlets of its 700 Market chain — the predecessor to NS Mart — to EMart in 2012, six years after launching the business.

Harim chicken products are displayed inside a supermarket in Seoul on July 17, 2025. [YONHAP]

Since then, the rapid growth of ecommerce has further intensified competition. The country’s four major supermarket chains — GS The Fresh, Homeplus Express, EMart Everyday and Lotte Super — now compete not only with convenience stores and hypermarkets but also with online retailers.

Questions have also been raised about Harim Group’s ability to operate retail channels, given its manufacturing background. The acquisition price, approval from creditors and additional costs tied to store renovations are also seen as key variables.

“This acquisition will serve as a test of whether Harim can successfully transform into a distribution company,” said an industry source.

The planned divestiture of Homeplus Express is a core part of Homeplus’ court-mandated restructuring plan. After a full sale of the company fell through, the retailer opted to spin off and sell the more marketable supermarket unit to secure liquidity.

Industry estimates value the deal at around 300 billion won, with proceeds expected to be used to stabilize Homeplus’ operations. However, some analysts say the amount alone will not be sufficient to resolve the company’s accumulated financial difficulties.

Homeplus aims to finalize detailed negotiations with NS Home Shopping before May 4, the deadline for approval of its rehabilitation plan.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY LIM SUN-YOUNG [[email protected]]