South Korea

South Korean retailer to close 200 stores

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The measure aims to reduce losses and it will be gradually applied until 2023.

Posted on Feb 25 ,09:14

South Korean retailer to close 200 stores

South Korean retailer LOTTE intends to shut 200 of its 700 outlets over the next three years, according to an announcement made this week by the company. That measure targets units such as LOTTE Mart hypermarket, LOTTE Super, LOHB’s drug stores and LOTTE Department stores. "The focus of our business strategy in 2020 is on heavy downsizing to enhance efficiency and profit," mentioned the company in a statement.
At the end of 2019, LOTTE reported losses of 51.8%, compared to the figures reported in the same period of 2018. The remaining store will be revamped to attract customers, informs IGD Asia. Major changes are expected in the supermarket segment, which is said to be the worst-performing last year (-5.8% in sales). The company said it will: offer tailored services using big data analysis; change food sections at underperforming small- and mid-sized department stores into supermarkets selling fresh groceries; offer high-end and quality products.

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