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tesco south korea

Is Tesco Home plus Doomed in Korea?

Rumors are swirling around the retail sector that the new CEO of Tesco may close Home plus, the British discount retail giant’s Tesco unit in Korea.

“It seems like employees are talking about the possibility of Tesco exiting from the country,” a corporate insider at Home plus told The Korea Herald today.

Former Unilever CEO and new Tesco CEO Dave Lever is rumored to visit Korea this week according to local media reports, though the company denies any knowledge of a visit.

The nation’s second largest discount chain is dealing with a massive customer information leak scandal, having been accused of selling the personal information of more than five million customers. It is also suffering from declining profits for three years, leading some to speculate whether or not the company will stay in Korea, or leave as it has done in Japan and China in recent years.

Tesco Home plus, which began operations in 1999 on the peninsula with partners Samsung, has an estimated 458 stores in Korea.


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