Homeplus Co., which is undergoing corporate rehabilitation proceedings, has finalized initial stock for each of the 67 stores that are temporarily closed at 160 pallets per store, amounting to 640 million won, ahead of reopening, as confirmed on the 4th. However, with delivery start dates differing by vendor by as many as five days or more and a significant share of goods bunching right before opening, the reopening date may be pushed from the original target of the 7th to the 10th or 13th.
According to an internal work notice from Homeplus Co. obtained by ChosunBiz, the company decided to receive a total of 160 pallets of goods per reopening store from the 3rd to the 8th. A pallet is a logistics unit in which goods are stacked on a plastic board laid on the floor and loaded onto a truck. Homeplus Co.'s internal average product value per pallet is about 4 million won, totaling 640 million won. Converted across the 67 stores reopening, that is around 43 billion won.
Some inbounding of goods appears to have begun. Some large manufacturers, such as CJ CheilJedang and Daesang, are supplying products directly to stores without going through distribution centers. In addition, inventory of private brand (PB) reserve stock piled at the Anseong distribution center in Gyeonggi before the shutdown, and some products that were about to be allocated to each store on the 13th of last month right before the shutdown but were halted, are reportedly being released together. However, this mainly consumes existing inventory; full-scale inbounding through new purchase orders will be possible only after the 200 billion won in emergency operating funds (DIP) from Meritz Financial Group is actually deposited.
According to multiple vendors, they were notified to begin deliveries of refrigerated and frozen processed foods, which have about a one-month shelf life, on the 6th or 10th, and fresh foods with shorter shelf lives on the 11th. If fresh food supply begins after the 11th, the target of normal opening on the 7th that Homeplus Co. is aiming for could effectively be difficult.
It is also notable that the delivery deadline given to vendors was fixed as Sept. 3. The deadline for approval of Homeplus Co.'s rehabilitation plan is Sept. 4, and if that date passes, the rehabilitation proceedings will be terminated. Vendors were told to supply goods only until the day before that, reflecting the assessment that a month or more of transactions cannot be finalized before the company's continuation is determined. In effect, the reopening starts with a one-month time limit.
The inbound schedule itself is also backloaded. Under the plan, 10 pallets on the 3rd, 20 pallets on the 4th, and 10 pallets on the 5th, leaving early-week volume at 40 pallets. By contrast, from the 6th to the 8th, 40 pallets per day for three days, or 120 pallets in total, are bunched. Seventy-five percent of the total concentrates right before and right after opening. In particular, inbound for the target reopening date on the 7th and the following day, the 8th, totals 80 pallets, meaning exactly half of the initial stock will arrive only after the doors open. Even the return-to-work schedule for employees during the shutdown reportedly has not yet been finalized.
The gap between the plan and reality is expected to be large for the new business model as well. Homeplus Co. has outlined a plan to reduce its existing roughly 2,000-pyeong multi-story stores to 600–1,000 pyeong single-story, food-focused stores and to operate with a PB focus like the U.S. "Trader Joe's." However, the store layout and product planograms needed for the downsizing have reportedly not yet been issued. As a result, the actual reopening is expected to set the display area of all categories equally regardless of each product's sales contribution. PB expansion also appears likely to widen display space, but not increase the number of items carried.
Among store managers, concerns are being raised that an underprepared opening could backfire. With volume concentrated Thu.–Sat., employees' workload will surge, and greeting customers before displays are in place is a problem in itself. Given the high share of fresh foods, cold chain management is another variable. The internal notice also instructed, "Do not leave goods unattended in the receiving area. Move them quickly to refrigerators and freezers in line with control temperatures." There are also internal concerns that the online mall, which will resume on the same day as offline stores, may not function smoothly for orders.
The prerequisite inflow of funds for reopening is also not yet complete. Homeplus Co. expected the 200 billion won DIP from Meritz Financial Group to come in by the previous day (the 3rd), but the deposit did not occur. The company submitted a plan to the Seoul Bankruptcy Court on the 31st of last month to approve use of the 200 billion won, and the actual deposit is expected around the 4th–5th. A Homeplus Co. official said, "As of now, since the 200 billion won has not yet come in, it is difficult to officially confirm and announce the opening date."