SEOUL, Jan. 21 (Korea Bizwire) — Lotte Corp., the holding company of South Korean retail giant Lotte Group, said Friday it has acquired an entire stake of Ministop Korea Co. for 313.37 billion won (US$263 million).
Under the deal, Lotte will take over 2,600 Ministop convenience store outlets across the country and 12 logistics centers from Japan’s Aeon Group to strengthen its retail business, theE company said in a statement.
Lotte’s affiliate Korea Seven Co. currently operates 11,750 7-Eleven convenience store outlets.
The Korean convenience store market has been dominated by BGF Retail’s CU and GS Group’s GS25, with 7-Eleven, Shinsegae Group’s Emart 24 and Ministop being minor players.
Lotte operates the country’s biggest department store chain and the second-biggest large discount store chain in terms of sales.
Ministop is an affiliate of the Japanese retailer and opened its first Korea convenience store outlet in South Korea in 1990.