Magazines Archives - 2008 January

Lotte acquires 49% stake in CTA Makro
Story 1

SOUTH KOREAN Lotte Group has announced plans to acquire a discount retailer to strengthen its foothold in China’s growing retail market. The group stated that it would invest €57.6 million (US$82.90 million) for a 49% stake in CTA Makro, a joint-venture company of China Trade Association Property Corp Ltd and Dutch company SHV Holdings NV, which operates about seven discount stores in China.

Lotte believes its foray into China is timely, as the market is expected to “show explosive growth before and after the 2008 Beijing Olympics”.

In addition to the takeover, the Korean retailer will establish a new discount store this year in Beijing.

The group also announced that it would be setting up its first department store by May this year, with an area of 83,600sqm in a high-end shopping centre in Wangfujing, before looking at
other cities such as Shanghai, Jilin, Liaoning and Heilongjiang.

In addition, Lotte is expanding into Vietnam with the group’s first mart in Ho Chi Minh City by year-end. Last September, the group opened its first overseas department store in Moscow, Russia.


2008 January Stories:

Retail Outlook – The Year Ahead. Optimism runs high among Singapore retailers

Lotte acquires 49% stake in CTA Makro

Coach ventures out with new concept boutique in New York City

Sa Sa woos Singaporeans with loyalty card

Bharti Retail to set up shop in North India

Arch Angel gets feet well shod and cared for in personalised way

ION Orchard unveils six superbrand tenants

PRA recognises outstanding Philippine retailers

Aeon to open stores in Penang, Kuala Lumpur

Consumer confidence takes a dive for the year ahead in some markets

Foocosa, GR Vietnam to open 500 c-stores

Paris-based Galeries Lafayette goes to China

S’pore sets aside S$750m to develop Next Gen broadband network

Online shopping challenge the role of retail staff

eBay partners rival Yahoo! Japan to encourage cross-border spending

> Back To 2008 Archives
Site Map
Powered By