South Korea’s Lotte Group is planning to build a network of shopping centres in Mainland China.
The company’s Lotte Department Store division has signed a partnership with China’s Citi Group establishing a retail joint venture.
Lotte China will take over running a Citi Group shopping mall in Shanghai during the second half of 2017 and the JV will build at least three new malls at locations yet to be announced.
Lotte China has been steadily building a growing presence in the world’s most populous nation, but has failed to establish a foothold in Shanghai until now.
In 2008, its discount hypermarket chain Lotte Mart entered China by acquiring Makro from German retailer Metro AG.
By taking over or building new shopping centres, the company can ensure anchor tenancies for its Lotte Mart, and/or its more upmarket Department store offer.