Hyundai Department Store Group to Advance Payments to Partners Ahead of Chuseok

Hyundai Department Store Group is taking steps to alleviate the financial burden on its small and medium-sized partners ahead of the Chuseok holiday.
 
On September 6, the group announced that it will advance payments totaling 273.8 billion won (approximately $230 million) to over 10,000 small and medium-sized partners by September 21, nine days earlier than the original payment date.
 
The early payment will benefit more than 3,000 partners working with Hyundai Department Store, as well as small and medium-sized partners from 15 affiliates, including Hyundai GF Holdings, Hyundai Home Shopping, Hyundai Green Food, Hyundai Livart, Hanssem, Hyundai Duty Free, Zinus, and Hyundai Easywell. This marks an increase of about 1,000 partners compared to last year's Chuseok, which included around 9,000 partners.
 
The payment amount has also increased. Last year, Hyundai Department Store Group advanced 210.7 billion won to over 9,000 partners before Chuseok. This year's amount is up by 63.1 billion won (about 30%).
 
Compared to the 233.2 billion won advanced during the Lunar New Year earlier this year, this amount is approximately 40.6 billion won higher. During that period, payments were also made in advance to about 9,000 partners.
 
In addition to early holiday payments, Hyundai Department Store Group operates programs to support the financial management of its partners.
 
Since 2014, Hyundai Department Store has provided an annual interest-free loan program worth 6 billion won for small and medium-sized partners. Hyundai Home Shopping has also been offering financial support for product and technology development to small businesses since 2013.
 
A representative from Hyundai Department Store Group stated, “We will continue to develop various support programs to grow together with our long-term partners, the small and medium-sized enterprises.”