Local department stores are considering listing their education centers as private institutions, following a revision to the law on hagwon management last year.

Shinsegae Group said Monday that it will revise the corporate purposes of Shinsegae Department Store and E-Mart to include its hagwon business during a shareholders’ meeting scheduled on March 2.

Other major companies, such as Lotte and Hyundai department stores, also plan to continue similar discussions in the two-year grace period allotted by the revised law, industry sources said.

Retail chains have thus far operated their own education centers mostly for cultural activities such as cooking and craftwork, sometimes offering classes for young students.

Under the revision, they must register as a “hagwon” if they want to offer classes targeting children and elementary, middle and high school students, so that their programs are better monitored.

Retailers, however, denied market speculation that they might directly enter the hagwon business anytime soon, as their flagship retail businesses are quickly nearing saturation here.

“We added the hagwon business because of the revision. We have no plan to enter that business field,” said a Shinsegae official.

In a public notice filed to the Financial Supervisory Service on Monday, Shinsegae also said it will include currency exchange as one of its business areas.

Shinsegae-owned E-Mart, the nation’s largest supermarket chain, has offered foreign exchange services at its three outlets on Jeju Island. It plans to expand the service to other cities like Busan, where many foreign travelers visit.

By Lee Ji-yoon (jylee@heraldcorp.com)