Homeplus sales jump 191% to 43.7 billion won after reopening

Homeplus generated 43.7 billion won ($31.3 million) in sales during the five days from the 13th through the 17th after reopening all 67 South Korean stores, up 191% from 15 billion won in the comparable pre-suspension period. Average daily foot traffic rose 74% to 239,600, while daily active users of its My Homeplus app increased 130.7% and new installs jumped 693.2%. The rebound was driven by discounts of as much as 40% and additional promotions planned from the 21st, including low-priced blue crabs, eggs, U.S. beef and Korean beef. Store conditions and product variety remained uneven, however, and tenant merchants said customer traffic, staffing and settlement payments were still inadequate. Suppliers have asked the court to reflect about 793.9 billion won in unpaid public-interest claims in Homeplus's rehabilitation plan. The Seoul Rehabilitation Court is due to hold a creditors' meeting on the 2nd of next month, with approval of the plan and the company's ability to recover sales determining whether the retailer can normalize operations.

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