Lottemart set to expand in China
Published: 24 May 2009 19:05:48 PSTMay. 25, 2009 (China Knowledge) - Lottemart, a subsidiary belonging to South Korea's fifth largest conglomerate, Lotte Group, plans to open four stores in China this year and increase the number of its outlets in the country to 200 in the next 10 years, sources reported. After one year exploring the Chinese market, the company plans to expand in China at a fast pace, said Jong-Doo Park, CEO of Lottemart China, adding that the company will open four outlets in China this year, including two in Beijing in October and December. It will also establish offices in Shenyang and Qingdao. The group also plans to expand into Hebei, Shandong, Liaoning and other provinces in China, offer more product choices for consumers and upgrade the quality of service. It also plans to open 300 hypermarts that will compete with Western retail giants such as Carrefour, Wal-Mart and Metro. The South Korean retailer bought out CTA Makro for RMB 1.28 billion last year. CTA Makro was the operator of six Wankelong supermarkets in Beijing and another two in Tianjin. Since the acquisition of CTA Makro, Lottemart has been integrating, renovating, and renaming the old outlets. The sales revenue of the six outlets in Beijing rose 10% year on year to RMB 1.5 billion. Copyright © 2009 www.chinaknowledge.com |
Go to Page
Page 1 of 1
1
Source:
China Knowledge
If you believe an article violates your rights or the rights of others, please contact us.
Digg
Reddit
Mixx it
FacebookRelated News
Most Read
- 1BYD Auto to expand into solar energy field
- 2AUTOSHOW-INTERVIEW-UPDATE 1-Changan Ford Mazda
- 3Entrepreneurblues
- 4Beyond The Anti-Virus Arms Race
- 5ANALYSIS-CFTC cautious on position limits, set
- 6Beware of phishing scams if you are using
- 7Help protect yourself from phishing scams and
- 8INTERVIEW-StanChart eyes $800 mln in renewable
- 9China Longyuan Power plans HK$17.5-bln HK IPO
- 10Xi'an to launch industrial zone
