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Hyundai Department Store and Home Plus said Monday they signed a strategic agreement to cooperate in the shopping mall business. That agreement reduced Korea's retail giants to three major forces -- Shinsegae Department Store and E-Mart, Lotte Department Store and Lotte Mart, and Hyundai Department Store and Home Plus.
Home Plus will run the supermarkets in Hyundai Department Stores, starting with the Yangjae shopping mall complex. Home Plus will also be given priority in mall complexes planned in Ilsan, Asan, Cheongju, Gwanggyo New Town and Daegu.
A Hyundai Department Store spokesman said, "Hyundai is the only one among the three major department stores in Korea that does not have its own supermarket brand. Likewise, Home Plus is the only one out of the three major supermarket chains in Korea that does not have its own department store brand. With the agreement, the two companies will complement each other and create synergy effects."
(englishnews@chosun.com )
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