South Korea’s Lotte Group has begun steps to sell its discount store chain in China due to plummeting sales, Yonhap News Agency reported on Thursday [14 September 2017], citing company officials and an industry source. The group is reportedly in talks to sell all of its China stores and has appointed Goldman Sachs to manage the sale…Full Article: ECNS.cn Sept 2017
- To date, 87 out of Lotte Mart’s 112 stores in China have been closed for more than six months.
- In August 2017, South Korea’s Lotte Group borrowed USD 300 million to finance Lotte Mart China. It was the second such loan, with the first occurring in March 2017. At the time, Lotte Mart China had 12 active stores, 14 voluntary suspended stores, and 74 closed stores.
- In March 2017, the THAAD system arrived in South Korea. Shortly after Dayaowan (Port of Dalian) officials returned 18 food products (~2.1 MTs, worth US$8,789) to South Korea. Officials also destroyed a separate shipment of imported baked fish products over the use of additives. Meanwhile in Beijing, the Korean-style barbecue restaurant chain, Quanjincheng, announced that they would not sell Lotte (South Korean) products such wine and beverages.
- In July 2016, USA and South Korea agreed to deploy the USA’s Terminal High Altitude Area Defense (THAAD) system in South Korea as a deterrent to North Korea.
Hong Kong Trends