Lotte Shopping is now planning to shut down as many as two hundred department stores and also large-format supermarkets in South Korea. There is nothing to suggest taht Lotte Group will scale back on its international business.
‘The focus of our business strategy in 2020 is a heavy downsizing to enhance efficiency and profit, the food sections at underperforming small- and mid-sized department stores will be changed into supermarkets selling fresh groceries.’ – the company said in a statement.
