Intime Lotte, a department store co-founded by the South Korean Lotte Shopping company and China Intime, will be formally opened on Wangfujing Street, Beijing on August 1.
Located on the north end of Wangfujing Shopping Street, the Intime Lotte covers a total area of 83,600 square meters, of which 42,900 square meters are for business use. The opening of this department store marks the South Korean department store's entry into the Chinese market and is a further sign of cooperation between Chinese department stores and international retail giants.
According to a representative from Intime Lotte, the department store is a joint venture of Lotte department store and Intime department store. Each party owns a 50% stake of Intime Lotte. The department store targets high-end consumers who have an international fashion taste. With the opening of the store, many Chinese and international fashion and cosmetics brands, including Gucci, Armani, Cartier, and Bvlgari, will be available to customers and it will be a new channel for products from South Korea and Japan to enter the Chinese market.
In addition Intime Lotte is said to combine the considerate and thoughtful Korean style of service with Chinese service and introduces facilities such as providing customers with a free shuttle service, packing service, and one-on-one private shopping assistant service. There are also membership services such as a creche and regular cultural activities and exhibitions.