SEOUL, March 22 (Korea Bizwire) — Lotte Shopping Co. said Wednesday that it will begin construction of a fulfillment center later this year in South Korea’s southeastern port city of Busan, using technology from Britain’s Ocado Group Plc., as part of the retail giant’s efforts to strengthen its e-grocery business. Set to be built by [...]
SEOUL, Nov. 1 (Korea Bizwire) — Lotte Shopping Co. said Tuesday it has partnered with Britain’s Ocado Group Plc., a leading online grocery tech platform provider, to strengthen its e-grocery business. Through the partnership, Lotte Shopping, the retail arm of South Korea’s fifth largest conglomerate Lotte Group, plans to invest around 1 trillion won (US$705.2 [...]
SEOUL, Nov. 6 (Korea Bizwire) — Lotte Shopping Co. said Friday it swung to a net profit in the third quarter on robust performance in its non-department store business amid the new coronavirus outbreak. Net income reached 3 billion won (US$2.7 million) in the July-September period, a turnaround from a net loss of 23.3 billion [...]
SEOUL, May 24 (Korea Bizwire) — Lotte Shopping Co., the operator of South Korea’s biggest department store chain, said Sunday it will sell 121 brick-and-mortar stores within this year amid the new coronavirus impact on the retail industry. Lotte Shopping runs about 700 department stores, large discount stores, supermarkets and LOHB’s online shopping mall’s offline [...]
SEOUL, April 28 (Korea Bizwire) — Lotte Shopping Co. — the operator of South Korea’s biggest department store and hypermarket chains — on Tuesday launched an ambitious online shopping website to better compete with major e-commerce operators, such as Coupang. Lotte ON integrates the websites of Lotte’s eight affiliates, including Lotte Department Store, the electronics [...]
SEOUL, Feb. 13 (Korea Bizwire) — Lotte Shopping Co., the operator of South Korea’s biggest department store chain, said Thursday it will sell assets after posting a loss for 2019, while the country’s largest discount store chain operator, Emart Inc., reported weaker than expected earnings as well. Lotte Shopping will sell 200, or 30 percent, [...]
SEOUL, April 16 (Korea Bizwire) — South Korea’s sportswear market is expected to surpass the 2 trillion won (US$1.87 billion) mark in size this year, a report showed Monday. The market size for sports fashion tripled from 500 billion won in 2009 to 1.5 trillion won in 2016, Lotte Shopping Co. said, citing a report [...]
SEOUL, Apr. 4 (Korea Bizwire) — South Korean retail giant Lotte said Wednesday it will unify the management of its scattered fashion businesses under the group’s apparel affiliate to improve its competitiveness in the local market. Lotte Shopping Co., the operator of the conglomerate’s department store chain, has decided to transfer its global fashion business [...]
SEOUL, Feb. 8 (Korea Bizwire) — Lotte Shopping Co., the retail affiliate of South Korea’s fifth-largest conglomerate Lotte Group, said Thursday it swung to the red in 2017 from a year earlier amid a diplomatic row between Seoul and Beijing over the deployment of a U.S. anti-missile system here. Its losses reached 20.6 billion won [...]
SEOUL, Sept. 12 (Korea Bizwire) – Lotte Group founder Shin Kyuk-ho’s eldest son will sell most of his stakes in the South Korean retail giant’s key affiliates as an objection to the group’s latest decision to set up a holding company, his representatives said Tuesday. Shin Dong-joo, the former vice chairman of Tokyo-based Lotte Holdings, [...]