SK Inno Officially Opens 'HiMarket,' a Dedicated Mall for Member-Participatory Social Safety Net

[Asia Economy Reporter Hwang Yoon-joo] SK Innovation has decided to roll up the sleeves of all its members to secure a social safety net, stabilizing economic and social systems facing difficulties due to the prolonged COVID-19 pandemic. However, since the entire SK Innovation group is also experiencing a challenging business environment, they have decided to first focus on securing a social safety net that can be systemically addressed.

SK Innovation announced that it will officially open Hi Market, an 'employee participation-type social safety net exclusive mall,' on the 8th, where employees can regularly purchase various products produced by social enterprises and rural areas struggling with issues such as overproduction, not only related to COVID-19.

To support social enterprises facing management crises due to COVID-19, SK Innovation expanded and reorganized the pilot project called the tentative 'SV Happiness Market,' which had been operating since the end of May, into Hi Market. To this end, all internal members participated in the entire process, including idea contests for naming the market and evaluations of candidate names.

The name Hi Market carries meanings such as 'say Hi,' encouraging people to face social issues they might have overlooked, and 'go High,' aiming to create synergy with social enterprises and social ventures to enhance social value. SK Innovation explained that the name is evaluated by members as the most ideal brand from the perspective of the social safety net values SK Innovation pursues, as well as its connection to the company's brand slogan.

The first support targets of Hi Market are products from social enterprises already piloting under the SV Happiness Market name. SK Innovation added that the purpose is to help social enterprises with weak fundamentals overcome crises caused by COVID-19 by creating a social safety net in which members participate collectively, like pooling their efforts.

Since the pilot operation period, Hi Market has been activated with many members, including Kim Jun, President of SK Innovation, purchasing products. The social enterprises listed are those that continued donation efforts for medical staff and volunteer groups despite facing severe difficulties such as nearly a 90% drop in sales and store closures due to COVID-19, and are recognized as social value Avengers.

Following social enterprise products, SK Innovation plans to include local agricultural products so that members can directly participate in a social safety net that helps farmers. These agricultural products are produced by local governments facing economic crises due to COVID-19 and farmers suffering from price collapses caused by overproduction. SK Innovation also plans to use these agricultural products in its on-site cafeterias to contribute to building the social safety net. Once consultations with the relevant local governments are completed, the products will be listed on Hi Market, and various support measures will be implemented.

Kim Jun, President of SK Innovation, emphasized, "Pursuing the happiness of all social members, that is, all stakeholders, is what the company's management philosophy SKMS aims for." He added, "The newly opened Hi Market is a result created by the company's system and the passion of members for happiness management, and it will play a meaningful role from the perspective of the social safety net."

This content was produced with the assistance of AI translation services.