SEOUL, May 11 (Korea Bizwire) — South Korean retail giant Lotte said Friday it has decided to sell one of its discount store units in China to a local retailer in a major step toward withdrawing from the world’s second-largest economy. Lotte Shopping Holding Hong Kong Co. will sell 100 percent of its stake in [...]
SEOUL, April 18 (Korea Bizwire) — A poodle that was kept in a coin locker for nine hours has sparked a debate over pet coin lockers at major supermarket chains in South Korea. A shopper whose name is being withheld left a dog in a pet locker on Sunday at a Lotte Mart store in Jeonju, [...]
SEOUL, April 2 (Korea Bizwire) — Japan has been a beneficiary of the strained national ties between South Korea and China over the installation of a U.S. defense missile system (THAAD), with South Korean tourists more inclined to spend their days off in the island nation rather than an unfriendly China. From January until February, [...]
SEOUL, March 22 (Korea Bizwire) — Three months into the first leg of South Korean president Moon Jae-in’s staggered plan to raise the minimum wage to 10,000 won by 2020, both those who buy and those who sell are focusing on value as prices have risen before and after the 16 percent minimum wage increase [...]
SEOUL, Mar. 19 (Korea Bizwire) — Despite the rising cost of living in South Korea, premium supermarkets are quickly gaining popularity among high-income earners, with a focus on quality over quantity. The popularity of premium products as a recent retail industry trend has inspired a number of supermarket chains including E-Mart and Lotte Mart, as market [...]
SEOUL, Mar. 16 (Korea Bizwire) — South Korean retail giant Lotte said Friday it plans to wrap up the sales of its hypermarket chain in China by the first half of this year, as potential buyers started to inspect the stores. Chinese retailer Liqun Group is carrying out an on-site inspection of Lotte Mart’s Chinese [...]
SEOUL, Jan. 3 (Korea Bizwire) — South Korean retail giant Lotte is facing a bumpy road as its latest negotiations over the sale of its hypermarket chain in China fell through, industry sources said Wednesday. In September, the business group announced its decision to pull out Lotte Mart in China after it suffered major losses [...]
SEOUL, Dec. 14 (Korea Bizwire) — Lotte Mart, the third-largest discount store chain in South Korea by revenue, said Thursday that it will stop selling cigarettes next year as it is pushing to specialize in healthy products. Lotte Mart CEO Kim Jong-in said the decision is part of his company’s commitment to transform itself into [...]
SEOUL, Dec. 13 (Korea Bizwire) – As it stands, the likelihood of Lotte Mart’s China operations being sold by the end of the year appears to be low. Including 13 Lotte Super stores, Lotte Mart had been ready to wash its hands of 113 locations in China since September of this year, after finding it [...]
SEOUL, Oct. 17 (Korea Bizwire) — Criticism of the government continues among South Korean consumers over arbitrary retail regulations that are causing inconvenience and discouraging local consumption despite their original intention of creating a business environment where both traditional markets and retail giants could coexist. With the rapid growth of supermarket giants, mandatory store closings [...]