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, 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.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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