Representatives of large discount store chains, supermarket chains, grocery stores, conventional markets, department stores, convenience stores and franchises on Wednesday launched a consultative body to discuss ways to cooperate to improve the retail industry.

The new nongovernmental group is an expanded and revamped version of an existing council of retailers joined by franchises and convenience stores.

About 20 chief executives of retailers, heads of retail trade associations, along with Rep. Kang Chang-il who heads the parliamentary committee for trade, industry and energy, and Korea Chamber of Commerce and Industry chairman Sohn Kyung-shik attended the inaugural assembly on Wednesday at the KCCI.

The council of retailers, organized by the government, managed to reach a consensus on having discount store chains close two days a month and refrain from opening new branches after retailers filed some 131 administrative lawsuits against local governments over regulations last year.

Trade associations of chain stores, department stores, franchises and convenience stores as well as groups of merchants, cooperatives of supermarkets and chain businesses will put their heads together to figure out how to achieve mutual prosperity and improve the overall retail industry.

The new body plans to propose policies and rules, conduct research, and support overseas market entries and career training in addition to seeking cooperation among retailers and manufacturers.

Lee Seung-han, head of the Korea Chainstores Association and former CEO of Homeplus, and Jin Byung-ho, chairman of the Federation of Korean Merchants, will serve as joint chairpersons of the new consultative group.

The Ministry of Trade, Industry and Energy said it will draw up a master plan for mutual prosperity and development of the retail industry within this year.

By Kim So-hyun (sophie@heraldcorp.com)