Lotte Shopping aims for overseas growth, adding 30 more stores
Lotte Shopping Co., South Korea s biggest department-store chain, said it plans to increase its overseas outlets to about 32 from two because growth potential is greater abroad than at home.
The Seoul-based retailer may establish the stores by 2018 in countries including China, Russia and Vietnam and aims to boost annual overseas revenue to 5 trillion won ($4.4 billion) in the period, Lotte spokesman Lee Sun Dae said by phone today.
The company plans to expand abroad to develop a new growth engine as the domestic market gets saturated, Lee said.
Lotte Shopping has said it plans to expand via acquisition as it aims to increase 2010 net income 8.9 percent to 780 billion won. The company on March 4 said it sold 600 billion won in bonds to help fund acquisitions.
The department store operator will increase its locations overseas, the Korea Economic Daily newspaper reported on April 5th, citing a company official it didn t identify.
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