이마트·신세계, SSG닷컴 지분 콜옵션 행사…1.27조 재무 부담은

Emart and Shinsegae's call option to reclaim SSG.com underscores a fundamental problem in Korean retail's digital strategy: the e-commerce platform has lost money every year since 2019, accumulating a 5.6 trillion won deficit despite their control and investment. Shinsegae faces particular pressure—its rising 34.9% equity stake will amplify recognized losses to potentially 400 billion won annually under accounting rules, forcing difficult choices between strategic investment and accepting earnings drag. This signals the structural challenge Korean retailers encounter in establishing profitable digital commerce operations despite significant market scale and control.