The South Korean department store retailer Lotte has announced its new strategy for the Chinese market, stating that it will accelerate its expansion in China and will open its first Chinese single ownership store in Tianjin in 2011.
The new Lotte department store in Tianjin will be located at Renheng Square, with a store area of 50,000 square meters. So far, representatives of over 120 brands, including Bvlgari, Armani, Coach, and Fendi have expressed their intention to cooperate with the new site of Lotte.
A representative from Lotte also revealed that the company plans to develop more stores in China and has selected several target cities, including Shanghai, Chengdu, Suzhou, Dalian, and Qingdao. By 2018, Lotte will have at least 20 department stores in China.