South Korean department store operator Lotte has formally announced entry to Beijing and plans to open its first department store on Wangfujing Avenue. This will be the company's first store in China.
Lotte's Beijing store will have a business area of 42,900 sqm and be positioned as top-end shopping mall. Cooperating with Silvertie Holding Company, Lotte Beijing will located in Beijing Jixiang Mansion and open in 2008.
A representative from Lotte says that starting with Beijing Lotte, the company will open more outlets in Shanghai and the three northeast China provinces at a later time.
The company also says Lotte has come to China because the South Korean market has become saturated.