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CH496 | GSI
🕑 Added 2025-09-05 12:45:47 +0000 UTCSeok-won’s large Mercedes sedan pulled up in front of the Walkerhill Hotel at 4:40 p.m.
He had arrived a little earlier than the appointed time, but his older brother, Park Jinhyung, president of Daheung Textiles, was already seated at the table.
When Seok-won entered the private room through the sliding door that the manager held open, President Park only turned his head slightly from his chair and spoke.
“You’re here.”
“I thought I’d gotten here first, but you’re already sitting down.”
“I only just arrived.”
Han Ji-sung, who had taken Seok-won’s cashmere coat along with his jacket, carefully hung it on a nearby rack and gave a small bow.
“I’ll wait outside.”
When Seok-won gave a slight nod, Han Ji-sung bowed politely to both brothers in turn before leaving the room.
As Seok-won sat down in the empty seat across from his brother, the manager approached quietly and poured warm tea into their cups before asking with a courteous tone:
“Shall I bring out the food right away?”
Wearing a crisp white shirt and a wine-colored silk tie, President Park gave a small nod.
“Go ahead.”
“Please wait just a moment.”
The manager slid the door shut without a sound and left, leaving only the two brothers in the room.
Seok-won fixed his gaze on his older brother across the table and asked,
“What got into you, suddenly asking me out for dinner?”
“Is it so strange for a brother to want to share a meal with his younger brother?”
“No, that’s not it. It’s just that this isn’t something you usually do.”
Seok-won shrugged his shoulders as he answered.
Just then, the sliding door opened with the sound of footsteps. Two neatly dressed waitresses entered, placing steaming hot sake and appetizers on the table before quietly leaving again.
“Let’s eat first,” said President Park, lifting his glass.
Nodding, Seok-won picked up his own glass, clinked it lightly against his brother’s, and downed it in one go.
“Ahhh.”
The warm sake slid down his throat, spreading heat through his chest.
“Who drinks sake like it’s soju?”
“That’s the way you’re supposed to drink it.”
“Unbelievable.”
Seok-won picked up his chopsticks and took a bite of the tofu stew and shrimp that had been served as appetizers.
One dish after another followed—the tuna sashimi, a clear clam soup, and finally flounder with lion’s mane mushrooms in miso sauce, each dish showing the chef’s careful touch.
Filling himself further with sushi served alongside sea bream sashimi, Seok-won picked up the ceramic sake flask and refilled his brother’s empty cup.
“How’s Junwoo? He must be growing fast.”
At the mention of his son, a natural smile spread across President Park’s face.
“He’s just started learning to walk, tottering around on his own now.”
“Really? Feels like just yesterday he was swaddled up, barely able to open his eyes. Kids grow so fast.”
“Watching him grow is what I live for these days.”
President Park tipped his cup back, took a sip, then set it down on the table again. His expression turned serious as he looked at his younger brother.
“The reason I asked you out today is because there’s something I need to talk to you about.”
Seok-won met his gaze, as if he had been expecting it.
“The sudden dinner invite gave me a hint. Go on, what is it?”
President Park lowered his voice slightly before speaking.
“You’ve probably heard of Home Mart.”
“The big discount chain run by Saseong Group, right?”
“That’s right.”
Seok-won tilted his head and asked,
“It’s the place with that big clock tower modeled after Big Ben in London, right? But why bring up Home Mart all of a sudden?”
“I’m thinking about acquiring it.”
Seok-won’s eyes widened at the unexpected words.
“Are you serious?”
Meeting his gaze, President Park gave a heavy nod.
“That’s right. You may or may not know this, but under the government’s strong restructuring demands, Saseong Group has no choice but to cut loose several non-core affiliates. Home Mart is one of them, and it’s currently on the market.”
Remembering the report he had received a few days ago from Lee Cheolgyun that mentioned Home Mart, Seok-won continued the conversation.
“Aren’t they already negotiating to sell shares to Tesco, the British retailer?”
“They are in talks, yes. But they haven’t signed the contract yet.”
“That’s true.”
Leaning forward with a serious look, President Park went on.
“The hypermarket business is showing explosive growth. This year’s market size is 6.8 trillion won, and next year it’s expected to expand by nearly 18 percent to 8 trillion. It’s not just foreign players like Walmart, Carrefour, and Costco that are moving in. Lotte and Utopia have already smelled the money and are entering aggressively. I believe we can’t afford to be left behind.”
“Hypermarkets are definitely a promising, fast-growing business,” Seok-won agreed.
In his previous life, the industry had declined, squeezed out by rapidly growing online e-commerce companies. Stores had closed, losses piled up, and hypermarkets became a sunset industry. But at this point in time, they were still expanding rapidly, eating away at the traditional retail market and growing year after year.
“That’s why we have to enter the hypermarket business before it’s too late. The market is just opening up, and there’s no clear number one yet.”
President Park’s face burned with passion.
“And now, with Saseong putting Home Mart up for sale, this is the perfect opportunity to join the competition.”
Seok-won folded his arms and replied,
“They only have two stores in Daegu and Busan, but that’s still better than starting from scratch with nothing at all.”
“Exactly.”
But unlike the fired-up President Park, Seok-won remained cautious.
“They may have been forced to put Home Mart on the market, but everyone knows hypermarkets are a promising business. And with Tesco as a strong competitor, won’t Saseong try to sell it at the highest price possible?”
“Of course they will. But I still believe that even if we overextend ourselves, acquiring Home Mart will pay off in the future.”
“Even if you manage to acquire it, you’ll need massive capital to compete with other companies and expand stores aggressively.”
President Park fell silent for a moment, then spoke in a subdued tone.
“If we acquire Home Mart, I’m planning to sell Daheung Textiles to raise the investment capital.”
“...What?”
Seok-won looked at him in shock and asked again as if to confirm.
“Did you just say you’d sell the textile business?”
“That’s right.”
Unable to hide his shock, Seok-won asked again,
“Did Father approve this?”
“No. I haven’t told him yet,” President Park replied, shaking his head.
Seok-won’s expression grew even more doubtful.
“The moment he hears it, he’ll explode with anger.”
After all, Daheung Textiles was the very foundation upon which today’s Daheung Group had been built. For Chairman Park Taehong, it was naturally a company of deep significance.
When he confirmed his eldest son as the group’s successor, he had appointed him not as head of the Midopa Department Store but as president of Daheung Textiles, and this decision had its reasons.
So if anyone—least of all the eldest son who was destined to inherit the chairman’s seat—were to propose selling off the group’s very roots, his reaction was all too predictable.
With his high blood pressure, he might even clutch his neck and collapse.
President Park knew this himself, but his face showed the resolve of a man who had already made up his mind.
“You’re right. He’ll be furious, no doubt. But the textile industry, a low-wage, labor-intensive sector, has long been in decline. At this point, it’s not about making a profit anymore. Just breaking even without slipping into losses is considered fortunate.”
President Park spoke with a bitter honesty.
“Closing down domestic factories and moving production lines to low-wage China gave us some breathing room, but that only managed to keep us barely out of the red. It pains me to admit it, but I don’t see things improving much from here.”
It was regrettable, but the truth was undeniable: of the two great pillars supporting Daheung Group—Midopa Department Store and Daheung Textiles—the latter had failed to fulfill its role. Instead, it had become a money pit, dragging the group down.
“Keeping it around just because it’s the group’s foundation, when it’s obviously going to remain a dead weight, isn’t wise. Even if we don’t go through with the Home Mart acquisition, holding on to it would still be a mistake.”
Seok-won nodded in agreement.
“To be honest, I feel the same. Aside from its symbolic value as the founding company, Textiles is really nothing more than a burden.”
“That’s why I think this is the time to break free from the obsession with protecting it just because it’s the group’s foundation. We should boldly cut away a business that no longer makes money and pursue something that can push the group to the next level.”
“And that’s the hypermarket business.”
President Park met his brother’s eyes as if to say he had the right answer.
“Exactly. Hypermarkets themselves are a promising business, but if we connect them with Midopa Department Store and the Korea Express company we recently acquired, the synergy could be enormous. With that, Daheung Group could firmly establish itself as a true distribution powerhouse.”
Rubbing his chin with one hand, Seok-won replied,
“Having two different distribution channels—a department store and a hypermarket—while also owning a logistics company that can store products in bulk and deliver them quickly whenever needed, that’s vertical integration in distribution.”
President Park’s eyes burned even hotter at Seok-won’s precise understanding.
“That’s exactly the vision I have.”
And if e-commerce were added to the mix, they could evolve into a retail empire, dominating the domestic market much like Amazon.
To think he’s come up with this… Impressive.
To risk Father’s wrath and propose selling off the company he personally ran, all to transform the group’s very foundation—it was a bold attempt. Seok-won couldn’t help but admire his brother’s sharp business sense and fearless drive.
He looked at him with renewed respect and asked,
“When did you start thinking this way?”
President Park took a sip of sake, then chuckled lightly.
“I don’t have your kind of investment talent. But since I’ll be inheriting the group, I can’t just stand still. I need to at least push us one step forward.”
“If things unfold the way you’ve envisioned, it won’t be just one step—it’ll be several steps up all at once.”
President Park smiled across his glass.
“Coming from someone with your eye for these things, that gives me confidence.”
“If you need me to, I’ll help convince Father. Just say the word.”
“Thank you. But this is something I have to face myself. If I can’t properly persuade him and win his approval, forcing the issue would only make success harder.”
His words carried a firm resolve to handle this on his own.
Seeing that determination, Seok-won thought that with such a mindset, his brother would be able to overcome any obstacle and achieve results.
With a satisfied expression, Seok-won raised his cup and said—
“I doubt you asked me to meet just to talk. So what do you need me to do?”
“If Tesco jumps into the bidding, I might come up short on acquisition funds. If that happens, I’ll need you to back me up with some firepower.”
“I’ll load you up with as much ammo as you need, so don’t worry about that.”
Relieved by the unhesitating reply, President Park Jin-hyeong’s face lit up with confidence.
“Thanks. I’ll make sure the interest is more than fair.”
“Forget the interest. You’d better focus on how you’re going to convince Father. You know how scary he gets when he’s angry.”
At Seok-won’s teasing jab, Park Jin-hyeong froze for a moment before groaning.
“Urgh… come on, he wouldn’t actually raise his hand against a grown son, would he?”
“He might not, but you can bet an ashtray will come flying.”
Seok-won’s look of absolute certainty made Park Jin-hyeong grimace.
“Then maybe I should bring Junwoo along. No way he’ll blow up like that in front of his grandson.”
“Sigh… you might be right.”
“Ha ha ha.”
It had been a while since Seok-won felt this lighthearted, enjoying the sight of his older brother squirming.
