ID :
209588
Tue, 09/27/2011 - 03:55
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Shortlink :
https://oananews.org//node/209588
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Lotte Mart opens new stores in Indonesia, China
SEOUL (Yonhap) - Lotte Mart Co., South Korea's third-largest discount chain store, said Tuesday that it will open two new stores each in Indonesia and China as part of its overseas expansion.
The Indonesian shop, located in southern Jakarta, will open on Thursday, becoming Lotte Mart's 25th outlet in the Southeast Asian country and the 112th overseas store.
The South Korean retailer entered into the Indonesian market in 2008 by acquiring a 75 percent stake in discount retailer PT Makro Indonesia, one of the region's largest economies.
In addition, Lotte Mart's 113th overseas store will open on Friday in the Chinese city of Nantong, Jiangsu Provice, to become the company's 86th outlet in China. It has been revving up its expansion in China since the acquisition of Dutch wholesaler Makro's stores in Beijing and Tianjin in 2007.
The discount store chain, a unit of retail-oriented conglomerate Lotte Group, has been making aggressive efforts to tap deeply into Asian markets. It currently operates 205 outlets worldwide, including 92 in South Korea.
Lotte Mart expects that its overseas sales will outstrip domestic revenue within four to five years. Its overseas sales reached 2.6 trillion won (US$2.43 billion) last year, compared with domestic sales of 5.9 trillion won.
The Indonesian shop, located in southern Jakarta, will open on Thursday, becoming Lotte Mart's 25th outlet in the Southeast Asian country and the 112th overseas store.
The South Korean retailer entered into the Indonesian market in 2008 by acquiring a 75 percent stake in discount retailer PT Makro Indonesia, one of the region's largest economies.
In addition, Lotte Mart's 113th overseas store will open on Friday in the Chinese city of Nantong, Jiangsu Provice, to become the company's 86th outlet in China. It has been revving up its expansion in China since the acquisition of Dutch wholesaler Makro's stores in Beijing and Tianjin in 2007.
The discount store chain, a unit of retail-oriented conglomerate Lotte Group, has been making aggressive efforts to tap deeply into Asian markets. It currently operates 205 outlets worldwide, including 92 in South Korea.
Lotte Mart expects that its overseas sales will outstrip domestic revenue within four to five years. Its overseas sales reached 2.6 trillion won (US$2.43 billion) last year, compared with domestic sales of 5.9 trillion won.
