Lotte shopping will close 30percent of its stores or switch to online business to adapt to changes

category:Finance
 Lotte shopping will close 30percent of its stores or switch to online business to adapt to changes


In addition, Lotte shopping will launch Lotte comprehensive shopping website in March this year, or it is intended to adapt to the development trend of circulation structure from offline to online.

In contrast, New World Group opened a new world SSG shopping network integrating its e-commerce and new world department stores as early as 2014, and established an independent legal person in 2018 to vigorously develop the circulation business.

The Yonhap news agency quoted an analysis as saying that Lotte failed to respond to the rapidly changing circulation market environment in time, and was not ready to restructure its business until its operating profit fell by 28.3% last year. In addition, it is also pointed out that compared with other competitors, Lotte shopping has faced many domestic and foreign adverse factors in recent years, including huge losses in China due to the provision of Sade land, the impact of consumer boycott of Japanese goods on Lottes holding of Japanese brand UNIQLO, as well as disputes over the internal operation rights of Lotte Group, involving judicial cases, etc.