South Korean department store operator Lotte is negotiating with Silvertie Holding Company on the opening of its first department store in China.
A representative from Lotte has told local media that South Korea is already saturated, and they are now seeking new markets in China, which is the second largest retailing market in Asia, only next to Japan.
Lotte has entrusted Silvertie to find a location for its first store in China, and if everything goes smoothly, the first Lotte store in China will be open at the beginning of 2008.
Lotte also hopes to find a partner for setting up a joint venture company in China.
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