Lotte Shopping (SEO:023530) Plans Overseas New Stores
Seoul, Sep 14, 2009 AEST (ABN Newswire) - South Korea's Lotte Department Store, the flagship unit of Lotte Shopping Co. Ltd (SEO:023530) is considering expanding into India, and aim to operate 20 stores in China by 2018.
The department store plans to invest about 360 billion won in overseas businesses this year, including investment in mergers and acquisitions activities, to boost its international growth. The rise in Korean won has put some pressure on the company's earnings, although the economy shows signs of recovery in recent months.
Lotte expects to generate profits from its loss-making overseas business by 2015, and is considering expanding into India.
Lotte Shopping operates its business in multi retail formats including supermarkets, department stores, specialty stores, discount stores and shopping malls, targeting middle to high income consumers.
Lotte Shopping will open a new store in China's Tianjin in 2011, and another store in Henoi, Vietnam, in 2014. It currently operates 30 Lotte Mart abroad in Indonesia, China, and Vietnam, after acquiring Dutch wholesaler Makro's Indonesia stores last year and its China stores in 2007.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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