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 [...]
SEOUL, Oct. 13 (Korea Bizwire) – Sales of Lotte Mart, the discount store chain of South Korean retail giant Lotte, in China dropped nearly 65 percent in the first eight months of this year in the face of Beijing’s retaliation over Seoul’s installation of a U.S. anti-missile system, data showed Friday. According to the data [...]
SEOUL, Sept. 15 (Korea Bizwire) – Lotte Group’s decision to pull its supermarket chain out of China after months of politically motivated retaliation from the Chinese government is triggering fears it could cause a domino effect among South Korean companies. After being subject to incessant retaliation – including raids by safety authorities from the Chinese government [...]
BEIJING/SEOUL, Sept. 14 (Korea Bizwire) – Lotte Group has begun work to sell its discount store chain in China, company officials and an industry source said Thursday, as China steps up its retaliation against the South Korean retail giant due to its support for an advanced U.S. missile defense system. According to the sources, Lotte [...]
SEOUL, Aug. 31 (Korea Bizwire) — South Korea’s retail giant Lotte said Thursday it will inject another $300 million into its hypermarket chain in China, which is bearing the brunt of Beijing’s apparent economic retaliation over Seoul’s deployment of a U.S. missile defense system. Lotte Mart, the operator of the group’s hypermarket chain, said Lotte [...]
SEOUL, Aug. 24 (Korea Bizwire) – Lotte Mart has recently announced plans to ditch sales of pets through gradual steps and promote animal adoption instead, after signing an agreement with animal rights groups on Tuesday, a move that will see the South Korean retail giant end pet sales by 2018. Working together with the Korea Animal [...]