Lotte Shopping Holdings Hong Kong Co. has just sold most of its outlets in China to local companies for over $505 million. Will Vietnam be the next target to cut ends for this group after ten years of consecutive losses? Lotte Mart Centre in Vung Tau city South Korean giant retailer Lotte has just announced selling one of its discount store chains to local retailer Liqun Group. This is a major step toward withdrawing from China, the world’s second-largest economy. Lotte Shopping Holdings Hong Kong Co. will sell 100 per cent of its stake in its Chinese unit that operates Lotte Mart in Shanghai and nearby areas to Liqun Group for KRW291.4 billion ($272.7 million), the Korean firm said in a regulatory filing. Liqun is expected to buy 53 outlets, with the remainder likely to be shuttered. Two weeks ago, Lotte Shopping decided to sell off 21 Lotte Mart stores in Beijing to local distributor Wumei Holdings Inc. They include 10 discount stores and 11 supermarkets in Beijing at the total price of about KRW248.5 billion ($232.6 million). The deal with Liqun would leave Lotte with 14 discount stores in China. The Korean firm is in talks with a number… Read full this story
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