Connect to share and comment

Lotte Department-overseas business

PlacardEnlarge
(Globalpost/GlobalPost)

SEOUL, April 2 (Yonhap) -- Lotte Department Store, a division of South Korea's No. 2 retailer Lotte Shopping Co., has seen an improvement in its overseas business in recent months, its head said Tuesday.

"Earnings at the store in Tianjin, China have picked up more than 30 percent from its launch in August last year and sales at the Moscow store have also improved," Shin Heon, chief executive of the country's largest department store chain, said in a meeting with reporters.

"We have invested big bucks in overseas operations but performances of overseas stores recently started showing signs of recovery," he said.

Lotte plans to open two stores in China this year, with one scheduled to open in Weihai, a city in eastern Shandong province, on April 25 and the other in Chengdu, the capital of Sichuan province in southwestern part of the country, in August.

The department store chain has been operating three stores in Beijing and Tianjin since 2008. It will also open an outlet in Indonesia in June, with its Vietnamese store set to open next year.

In early June 2011, Lotte said it plans to open a total of 40 overseas stores by 2018 and raise the ratio of overseas sales to overall revenue to 25 percent.

Lotte Department Store opened its first overseas store in Moscow in September 2007.

<All rights reserved by Yonhap News Agency>

http://www.globalpost.com/dispatch/news/yonhap-news-agency/130402/lotte-department-overseas-business