20 May 2020
The Weekly
South Korea

Lotte Shopping will sell off 121 stores this year in an attempt to recover from the impact of the coronavirus pandemic on sales. Lotte will close five department stores, 16 discount stores, 75 supermarkets and 25 physical stores linked to its online mall LOHB within this year. The move accelerates Lotte’s existing plans to sell roughly 200 stores to refocus on e-commerce. Lotte Shopping’s first-quarter results, at a loss of US$35mn, represented a massive drop from the $88.2mn profit it achieved during the same period last year. Lotte Shopping has around 700 department stores, discount stores and supermarkets.