Lotte Mart to open first new store in five years

[Courtesy of Lotte Mart]

Lotte Mart is set to open its first new store in five years. According to Lotte Shopping on Sunday, the new store will be located near Cheonho Station in Seoul, within the Gangdong Millennial Jungheung S-Class residential complex which houses 999 units. The store will specialize in groceries and, pending final contract approval in September 2024, will begin construction on a space of about 3,300 square meters on the first basement level. The store is expected to start operations sometime in 2025.

This latest opening comes five years after Lotte Mart last launched a store in 2019. Lotte Mart has focused on cost reduction over the past four years by closing 14 underperforming stores, including locations in Yangju and Cheonan-Asan. The company returned to profitability in 2022 with an operating profit of 54 billion won ($40.37 million), further increasing its profit to 87.3 billion won the following year.