"Not at Homeplus Anymore" Uniqlo to Close 10 Stores... Completely Withdraws from Homeplus

On the morning of the 27th of last month, a closure notice stating that operations will end on the 31st was posted at the Uniqlo Myeongdong Central Store in Jung-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Choi Eun-young] Due to Japan's export restrictions on Korea triggering the 'No Japan' boycott movement combined with the impact of COVID-19, the fashion brand Uniqlo will close 10 offline stores within this month.

According to Uniqlo's website on the 12th, eight stores including Homeplus Banghak Branch, Mokdong Branch, Gangseo Branch, Seongseo Branch, Asiad Branch, Chilgok Branch, Haeundae Branch, and Donggwangju Branch are scheduled to close on the 18th. On the 19th, Lotte Department Store Sangin Branch will close, followed by Lotte Department Store Gwangju Branch on the 25th.

As a result, Uniqlo will completely withdraw from all Homeplus stores nationwide. The number of offline stores will decrease from 187 at the end of 2019 to 143.

Uniqlo stated, "Considering various factors such as the prolonged COVID-19 pandemic and changes in consumer trends, this is part of a business strategy to operate stores more efficiently."

They added that there are no plans for additional store closures after this month, and in light of the shift toward online-centered consumption trends, they plan to strengthen the Uniqlo online store.

Meanwhile, Uniqlo stores began to reduce in number due to the combined effects of the 'No Japan' boycott movement and the economic downturn caused by COVID-19. Last year, about 30 stores were closed, and last month, the Myeongdong Central Branch, which opened in 2011 as the world's second-largest Uniqlo flagship store, closed. Additionally, Uniqlo AK Suwon Branch inside Suwon Station and Homeplus Yuseong Branch in Daejeon also closed last month.