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Magazines Archives - 2008 September Lotte Shopping, South Korea "Despite severe competitions and challenges, we worked hard together based on our corporate ethics putting our customers first, and our customers have shown us continuous support. In return, we will endeavor to enhance our service, invest in developing our system, and provide products in need prior to customers’ demands, to become a competitive global retail firm." Lotte Shopping has been setting records in the Korean retail industry. In 2007, the company reached sales volume of 10.1 trillion won (US$10.7 billion), an 8.5% increase from the previous year’s, and net profits of 954.8 billion won (US$954million). Lotte Shopping has also expanded in size. In 2007, Lotte opened its 24th department store, Centum City Store, in the nation’s second-largest city Busan. It is the first high-end modern department store in the trendy fast-growing Haeundae district. The speciality store Young Plaza, preferred by fashion-oriented teenagers and the 20-somethings, opened its second and third stores in Cheonju and Daegu. The company’s first high-end overseas department store, Lotte Plaza, was successfully opened in Moscow last year and just before the 2008 Beijing Olympics, Lotte’s second overseas department store, Intime Lotte, opened in the Chinese capital. Discount stores in South Korea offer major opportunities for both topand bottom-line growths. The top five players control approximately 80% of the market. In 2007, its discount store division opened six new stores in different regions of South Korea.
Lotte Cinema, starting with Illsan multiplex in October 1999, organised 43 hightech facilitated cinemas across the nation. To further solidify its position in South Korea’s cinema market, Lotte Cinema plans to enhance the screen to over 420 in 50 cinemas by 2008. In 2006, Lotte Shopping successfully listed on London and Korean Stock Exchange. The company will continue to pursue values in environmental protection and ethical management to fulfil its social responsibility as a corporate citizen to raise its image and create trust. The company will also do its best to meet global standards in a flexible culture, and maximise shareholder’s profits through transparent management activities and sincere investor relations. Lotte Shopping will work together with its customers and partners to stand as a new global retailer.
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Lotte Super, a supermart division, brings one-stop shopping experience to customers, tripling its store network to 79 stores nationwide through strategic acquisition and expansion. In 2007, Lotte increased the size of its chain by over 50%. It gained a key foothold in south-western region of South Korea by acquiring 14 Big-Mart stores in March.