SEOUL, May 13 (Korea Bizwire) — South Korea’s department store sector suffered a difficult first quarter as sluggish domestic consumption weighed heavily on sales and profits, with only Lotte Department Store managing to post a notable profit boost, thanks to strong performance in overseas operations and internal restructuring efforts. According to industry data released Tuesday, Lotte [...]
SEOUL, Feb. 25 (Korea Bizwire) — The operations of LG Chem and Lotte Chemical plants at an industrial complex in the central city of Seosan were halted Tuesday due to a power outage, company officials said. The incident occurred around 9:30 a.m. at the two plants located in the Daesan Petrochemical Complex, about 100 kilometers [...]
SEOUL, Jan. 8 (Korea Bizwire) — South Korea’s department store industry showed stagnant growth of less than 1% last year, with the disparity between high-performing and struggling stores becoming increasingly pronounced. According to industry data released on January 7, the five major department store chains – Lotte, Shinsegae, Hyundai, Galleria, and AK – recorded combined sales [...]
SEOUL, Nov. 29 (Korea Bizwire) – Lotte Group announced a sweeping set of initiatives on November 28 to address liquidity concerns and improve financial stability. The measures include revaluing land assets, divesting underperforming properties, and scaling back investments. As part of its strategy, Lotte is also considering exiting poorly performing overseas duty-free locations. During an [...]
SEOUL, Nov. 27 (Korea Bizwire) – Lotte Group, one of South Korea’s largest conglomerates, said Wednesday it will provide Lotte World Tower in Seoul as collateral for the corporate bonds of its financially-strapped chemical unit in an effort to address market concerns about a potential liquidity crisis. In a regulatory filing, the group said it [...]
SEOUL, Nov. 21 (Korea Bizwire) – Lotte Department Store announced the launch of its European-style Christmas Market, running from November 20 to January 5 at the Lotte World Mall’s Lawn Plaza in Jamsil, Seoul. This year’s market, themed “Wonderful Showtime,” represents the largest iteration to date, featuring collaboration with luxury brand Chanel and integration with an [...]
SEOUL, Nov. 11 (Korea Bizwire) – In a bid to attract pop culture enthusiasts, South Korea’s leading department stores are hosting exclusive pop-up stores featuring iconic entertainment franchises. Lotte Department Store is showcasing “Dragon Ball,” while Shinsegae Department Store features “Arcane Season 2,” the animated series based on the popular game “League of Legends.” Lotte Department [...]
SEOUL, Oct. 31 (Korea Bizwire) – In a coordinated seasonal effort, South Korea’s leading department stores are preparing to transform their spaces into festive wonderlands, with all major retailers set to reveal their Christmas decorations on December 1. Lotte Department Store announced on October 30 that it will progressively roll out its “Wonderful Showtime” themed decorations [...]
SEOUL, May 10 (Korea Bizwire) — Lotte Department Store has announced that it will open an experiential store at Lotte World Mall this Saturday in collaboration with the local sporting goods company Tennis Metro. Unlike traditional stores that focus mainly on product sales, this store will be located on the mall’s third floor and will [...]
SEOUL, April 12 (Korea Bizwire) — Lotte Shopping Co. said Wednesday it will exhibit an installation from renowned Japanese architect Kengo Kuma at its high-end department store in southern Seoul starting this week. The artwork, titled SU:M, will be on display at Lotte AVENUEL, the retailer’s luxury-brand department store, for the next five months starting [...]