Tuesday, December 12, 2006

South Korea's Lotte Mart likely to enter Indian market

The Economic Times reports that the company that was responsible for Wal-Mart’s exit from South Korea, Lotte Mart is now likely to enter the Indian market. The company has set up an office in Delhi to study the domestic market. Lotte Mart was in the running to acquire Wal-Mart’s stores in South Korea, which eventually went to its rival and the leading retailer of Korea, Shinsagae.

Lotte Mart is looking for an Indian franchise partner to establish its discount stores. The company is interested in entering malls initially and then work at stand alone formats. Lotte Mart stores usually are over 3,000 sq ft and stock fresh and processed foods, home appliances and apparel. The company is part of the Lotte Group, Korea’s fifth largest conglomerate, with interests in confectionary, restaurants, retail, construction and petrochemicals.

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