While expanding into the Chinese market via acquisitions, South Korean retail giant Lotte Mart also plans to accelerate the opening of new stores and said it plans to open 10 new outlets in China before the end of 2012.
Lotte Mart recently opened a new outlet in Shanghai, aiming to establish the new outlet as the largest supermarket within the inner ring of Shanghai. Lotte Mart said the company plans to open ten new outlets in China this year and they will open 15 new outlets in 2013.
At present, Lotte Mart has about 100 supermarkets in China, and most of these supermarkets are located in second- and third-tier cities. About 70 of the 100 supermarkets are in eastern China, of which three are in Shanghai. In the future, Lotte Mart will continue to focus on the development in eastern China; meanwhile, it will expand into Beijing, Tianjin, Shandong, and Liaoning.
Lotte Mart's development in China has not been smooth. To accelerate expansion, the South Korean retailer acquired Makro to enter the Chinese retail market in June 2008. After that, the company acquired Jiangsu Nantong Times Limited for HKD4.87 billion, increasing the number of its stores in China to 100. However, most of these stores are in second- and third-tier cities in China.