Lotte reshuffles biz portfolio with Busan store sale to Shinsegae

Lotte Shopping, a retail subsidiary of the Lotte Group, has announced plans to sell a department store in Busan to competitor Shinsegae Group. This sale is part of the company's strategy to streamline its business operations and adapt to evolving retail market conditions. The Centum City outlet, located approximately 330 kilometers southeast of Seoul, will be transferred to Shinsegae Centum City.

The sale will only become final upon approval from the Fair Trade Commission, which is currently reviewing the deal. Lotte Shopping currently operates four department stores in Busan, including the Centum City outlet. The store will remain open until the FTC completes its review process. Globally, Lotte Shopping manages 61 department stores, including four locations in Vietnam and Indonesia.