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.
The Latest Haps
Busan Subway Lines 1, 2 and 3 have begun emergency services today due to a general strike of the Busan Metro Labor Union.
The city of Busan is looking for public input as they plan to change the look of the city’s buses for the first time in 16 years.
The government is hoping railway services will be running without any major disruption despite a unionized railroad workers’ scheduled strike next week.
The Busan One Asia Festival will have five main K-pop concerts at the Busan Asiad Gymnasium throughout the first 23 days of October.
The Busan International Film Festival has released its main event schedule for this year’s 21st edition. Updates as of September 22, 2016.
Wired magazine has chosen local cartoonist Ryan Estrada’s “Big Data” as one of its top 5 podcasts of the week.
Cancer remained the leading cause of death in South Korea in 2015, with fatalities from pneumonia rising sharply amid a rapidly aging population, government data showed Tuesday.
The speed limit on main roads in Busan’s downtown might be lowered to 50 km per hour, which is 10 km less than the previous speed limit.
The 6th Seomyeon Medical Street Festival is starting on September 30th.
The Busan International Food Expo 2016 will be held in BEXCO from October 6th to the 9th.
Pei Wei Asian Diner is set to open a location in Busan by the end of 2017 according to a company press release.
A new survey by MasterCard shows that Seoul is once again the 10th most popular city for travel in the world.
Busan’s neighbor to the north has a lot going for it for a fun weekend that’s not so far from home.
While many head to Thailand in search of its magnificent culture, Chiang Mai is a great place to start and one of her best offerings are her awesome temples, known as “Wats”.
North Korea’s goalkeeper gives up one of the worst goals ever — to the opponent’s goalkeeper in an AFC U-16 championship match.
A 29-year-old woman was seriously injured this month when a bungee jump operator failed to secure her rope to the safety hook.
Suyeong-gu Office runs the Stand Up Paddle Board Academy at Gwangalli Beach in September and October.