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Lotte Department Store will withdraw from Tianjin market
Beijing Business DailyWang Xiaoran Wang Yingying
Beijing Business News (Reporter Wang Xiaoran Wang Yingying) After the Lotte Department Store East Ma Road store closed, the last Lotte Department Store in Tianjin will also be closed. Recently, Lotte Department Store Tianjin Cultural Center Store posted a notice, the announcement shows, “Thank you for your long-term patronage, support and support from Lotte Department Store. We regret to inform you that our store will be closed on March 31, 2019. After the store is closed, the mall still tries its best to provide good service, so please feel free to shop."
The Beijing Business Daily reporter saw from the official website of Lotte Department Store that there are currently five stores in China. But in fact, on December 31, 2018, Lotte Department Store closed the Dongma Road store. The Cultural Center is the last Lotte Department Store in Tianjin. After closing the store, Lotte will bid farewell to Tianjin. With the closure of the Cultural Center store, Lotte Department Store will have only three stores in China, including Weihai Store, Chengdu Global Center Store and Shenyang Store.
In fact, some people familiar with the matter have publicly stated that if Lotte Department Store chooses to withdraw from the Chinese mainland market, it will first deal with two stores in Tianjin and stores in Weihai, Shandong Province. “This is mainly due to the fact that the commercial real estates where the three stores are located are leased real estates. The longer the time is dragged, the more losses will be. The department stores in Chengdu and Shenyang are owned by their own real estate. If they are sold, they will affect the commercial real estate. Therefore, Lotte will also have some scruples."
It is understood that Lotte Department Store entered Tianjin in 2011. Lotte Department Store Dongma Road Store is the first wholly-owned store opened by Lotte Group in China and opened in June 2011. In 2012, Tianjin's second Lotte Department Store Tianjin Cultural Center Store was officially opened. It is the second store operated by Lotte Department Store in China and the fourth store operated exclusively overseas.
According to public information, Lotte Department Store was founded in Seoul, South Korea in 1979, and then entered the Chinese market in 2008, and entered into a joint venture with Intime Department Store (Group) Co., Ltd. in Beijing.WangfujingBeijing Lotte Intime Department Store was established, and stores have been established in Tianjin, Weihai, Chengdu and Shenyang.
Editor in charge: Fu Jianqing RF13564
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