Lotte Mart earns licenses for new shopping centers

News - The South Korean retailer Lotte Mart has been licensed to develop two commercial centers in Danang City and Dong Nai Province’s Bien Hoa City, that are expected to be inaugurated in this year’s end.

The certificates for investment in Danang and Dong Nai were granted in October and December, 2011 respectively, said a representative of Lotte Vietnam Shopping Co. in a press release. Earlier this month, Dong Nai authorities held a function to hand over the investment certificate to Lotte Mart.

The Korean investor is deploying promotion activities for the development of its branches in the two localities.

Particularly, Lotte Mart Danang will be built in Hoa Cuong Bac Ward, Hai Chau District on a 10,000-square-meter area with the total investment capital of US$30 million. The shopping center is to be put into service in December this year.

Meanwhile, Lotte Mart Bien Hoa will locate in Amata Commercial Zone over an area of some 8,300 square meters and worth US$40 million in investment capital. The shopping center will be opened this November.

After the malls in Danang and Bien Hoa are put into operation, Lotte Mart will have four commercial centers in Vietnam. At present, Lotte Mart is operating two shopping centers in HCMC’s districts 7 and 11.

The South Korean retailer aims to expand its network to 60 supermarkets nationwide by 2020.

Lotte Mart, a member of South Korea’s leading department store operator Lotte Shopping, supplies 150,000 types of goods, including 8,000 own brand products. The distribution system currently consists of 93 supermarkets in South Korea and 113 commercial centers in three nations, including 86 centers in China, 25 in Indonesia and two in Vietnam.