Lotte Mart set up an office in Delhi to study the domestic market, which suggests their interest in entering the Indian retail market. It is also on look out for Indian franchise partner to establish its discount stores. The company’s initial interest is in entering malls and then work at stand alone formats. Standard Lotte Mart stores usually are over 3,000 sq ft in size and stocks 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. Lotte Mart lost to its rival and the leading retailer of Korea, Shinsagae, in the run to acquire Wal-Mart’s stores in South Korea. Lotte Mart was responsible to some extent for Wal-Mart’s exit from South Korea.
