Lotte Shopping to shut 121 stores of 700 total
Lotte Shopping, the operator of Korea’s biggest department store chain, said Sunday it will sell 121 brick-and-mortar stores this year amid the new coronavirus impact on the retail industry.Lotte Shopping runs about 700 department stores, large discount stores, supermarkets and LOHB’s online shopping mall’s offline stores, and was originally planning to sell 200 of them over the next three to five years to strengthen the e-commerce business.
“The company has decided to speed up the process to sell less-profitable assets to improve its financial health that’s been affected by the coronavirus outbreak,” a Lotte Shopping official said.
Yonhap
with the Korea JoongAng Daily
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