Lotte Shopping are set to sell off its 121 stores later this year in an attempt to recover from the impact that the Covid-19 pandemic has had on sales.
The South Korean Retail Group have stated that they will close five department stores, sixteen discount stores, seventy five supermarkets and twenty five physical stores linked to its online mall ‘LOHB’ within this year.
A spokesperson from the firm indicated that Lotte would move to quickly shake off its less-profitable assets in the interests of improving its financial health.
Lotte Shopping’s first-quarter results, at a loss of US$35 million, represented a massive drop from the $88.2 million profit it achieved during the same period last year.
