Lotte Shopping Looks Beyond its 30 Years

(Photo: Lotte Department in China)

Lotte Shopping, which was founded on November 15 1979, will turn 30 this year. The company is leaving behind the honor of its past 30 years to push forward in presenting a vision to strive towards becoming a firm that stays around for a 100 years.

The seeds that earned Lotte the title of ‘distribution dinosaur’ were scattered in central Seoul in December 1979, according to Lotte Shopping on Monday. The first Lotte Department Store built here marked an annual sales revenue of 45.4 billion won in just one year to post a market share of 38 percent, climbing up to the top spot in the industry.

Afterwards in 1994, the department store recorded 1 trillion won in sales, while the main store became the first single branch to exceed 1 trillion won in sales in 1999. By aggressively increasing store counts, it has extended its presence to 26 branches nationwide. It was also the first in the industry to issue gift certificates in 1994.

Aside from the department store business, Lotte also owns the major discount store Lotte Mart and super supermarket (SSM) Lotte Super.

Lotte Mart currently holds a total of 91 branches-- 63 branches at home and 28 branches abroad-- after opening its first store in Gangbyeon in April 1998. Meanwhile, Lotte Super is operating 110 stores since this business division was launched in April 2004. Furthermore, Lotte Cinema, the movie theater arm that was established in 1999, has 46 branches nationwide.

Lotte Shopping is also putting on speed on developing the overseas market.

The company opened its first overseas Lotte Department Store in Moscow, Russia, in September 2007 and its second branch in Beijing, China, in August 2008.