Big companies have been hit hard by the pandemic, with 11 of the 15 largest reporting revenue drops in the first half.
Despite a range of promotions to try and drum up business, Lotte Shopping reported a significant net loss in the second quarter with sales decreasing as consumer sentiment took a hit due to the coronavirus pandemic.
Major retailers are transforming their offline branches to focus more on experiences as well as products in a bid to increase footfall in an increasingly hostile market.
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 announced a net loss of 43.33 billion won ($35.3 million) in the first quarter, down sharply from a 109 billion won net profit during the same period last year.