Lotte Shopping Company is planning to open 300 hypermarkets in China within the next ten years.
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According to a Reuters report, Korea’s largest department store operator has said that it intends to compete with the likes of Wal-Mart and Carrefour for a share of the lucrative Chinese market.
Lotte recently entered China through the CNY1.3bn (US$188m) acquisition of Beijing-based cash and carry CTA Marko.
The company intends to open its first Lotte Mart hypermarket in the Chinese capital next week.
Along with new store openings, the group also plans to rebrand seven Makro outlets, located in Beijing and neighbouring Tianjin.
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By GlobalDataThe company also indicated that it is on the look-out for further acquisitions to fuel growth.
