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Lotte Department also suffered in the hostile business environment, with an operating loss of ₩140 billion (US$122.38 million) between 2016 and 2018. [39] Both Lotte Department Store & Lotte Mart formally ceased trading in China in 2018, with Lotte Chilsung Beverage & Lotte Confectionary leaving China a year later. [41]
In December 2007, Lotte Mart bought out Makro, an established supermarket chain from the Netherlands. By purchasing Makro, Lotte Mart was able to gain access to the Chinese market. This was the first time a Korean retailer had entered the Chinese market. [4] There are now 82 branches of Lotte Mart in China.
The company was established in 1967. Currently, it is the third-largest chewing gum manufacturer in the world, and its plants are located in Kazakhstan, Pakistan, Belgium, India, Russia, Myanmar, and China. [2] Lotte Confectionery was renamed Lotte Wellfood in 2023, after being merged with Lotte Foods in 2022. [3]
Lotte Shopping once operated five department stores and 99 discount stores in the mainland China market. However, after South Korea deployed THAAD in a golf course owned by the Lotte Group, the company withdrew its retail business from China as it failed to recover from a boycott campaign. [9] [10] [11]
In 2010, Lotte Cinema China opened in Shenyang and grew operations to 9 theaters spanning 67 screens. [16] However, the company exited China's market in 2022 due to business structure complexities according to Global Times news reports. [citation needed] In total, Lotte Cinema manages 198 sites with 1,128 screens worldwide. [17]
Lotteria South Korea was founded in 1979, [6] as part of an expansion of the Lotte Group which also included Lotte Chilsung Beverages, Lotte Food and Lotte Ham. Lotteria became the number-one fast food restaurant chain in South Korea.
Lotte Chilsung Beverage Co., Ltd. (Korean: ... This led to a sharp rise in anti-Korean sentiment in China, with much of the frustration targeted at Lotte. [24]
Lotte Department Store (Korean: 롯데백화점 및 롯데홈쇼핑; Hanja: 롯데百貨店) is a Korean retail company established in 1979, and headquartered in Sogong-dong, Jung-gu, Seoul, South Korea. Lotte Department Store offers retail consumer goods and services and is one out of 8 business units of Lotte Shopping.