11 November 2021
The Weekly
South Korea

During Q3/2021, Lotte Shopping reported an operating profit of KRW28.9bn (USD 25mn), down 74% year-on-year, according to a filing with the Korea Exchange. Revenue decline 2.4% year-on-year to KRW4tn (USD 3.4bn). Lotte Shopping put in place restructuring measures to lower fixed costs amid the pandemic and a rapid resurgence of Delta variant, initiating a large-scale voluntary retirement program. Lotte closed down 203 supermarkets and specialty stores.  Lotte Shopping opened a new department store in Dongtan, Gyeonggi Province, and a premium shopping outlet in Uiwang south of Seoul. The openings have so far been successful as the new stores have attracted large numbers of customers thanks to important marketing campaigns.