The South Korean Lotte Group has signed a contract with Weihai Jiulong Real Estate to open a new Lotte Mart in the Weihai Economic and Technical Development Zone in Shandong.
With an investment of USD30 million from Lotte Group, construction of the new supermarket will start in April 2009 and is expected to be completed and opened on October 1, 2010. Covering an area of 36,000 square meters, the supermarket will focus on the sales of apparel, footwear, food, and home appliances. After the project is putting into operation, it is expected to realize annual sales of CNY400 million.
The coming of Lotte Mart will further add to the commercial functions of Weihai Economic and Technical Development Zone, which will benefit the creation of a business cluster in Weihai and will stimulate the development of service industry in the city.
Lotte Group currently owns 58 Lotte Marts in South Korea and with the implementation of its globalization strategy, the group plans to set up 300 Lotte Marts in China by 2018.