Lotte reshuffles biz portfolio with Busan store sale to Shinsegae
Lotte Shopping, a retail affiliate of Korea's Lotte Group, said Thursday it has agreed to sell a department store in the southeastern port city of Busan to rival Shinsegae Group as part of its business reorganization. The move is part of the company's "select and focus" strategy, aimed at responding swiftly to rapidly changing retail market conditions through asset sales and business…
Lotte Shopping, the retail arm of the Lotte Group, has announced plans to sell its department store in Busan to rival Shinsegae Group. This move is part of Lotte's strategic plan to streamline its business portfolio and focus on core operations. The Centum City outlet in Busan, situated approximately 330 kilometers southeast of Seoul, will be transferred to Shinsegae Centum City.
The sale is subject to approval by the Fair Trade Commission (FTC). Once the FTC's review is complete, the outlet will continue to operate under its new ownership. Lotte Shopping currently manages four department stores in Busan, with the Centum City outlet being one of them. Globally, Lotte Shopping operates a total of 61 department stores, including four in Vietnam and Indonesia.
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