Lotte Mart withdraws from China for 87 stores, which are ordered to be closed by firefighters

　　South Korean retail giant Lotte Group may follow in the footsteps of Yimaid and withdraw its supermarket business from China. According to Yonhap News Agency on September 14, affected by the deployment of the THAAD anti-missile system in South Korea, Lotte Mart's performance in China was bleak and overwhelmed, and finally decided to sell supermarkets in China.

　　Analysts believe that although Lotte Group has repeatedly denied and clarified that it will not give up its business in China, Lotte Mart, the supermarket business that has been hit hardest, will eventually reach the brink of sale.

　　Over the past six months, South Korea's Lotte Group's business in China has become a bottomless pit that cannot be filled. As early as March this year, Lotte Group urgently "transfusion" of 360 billion won to Lotte Mart's Chinese stores through capital increase and loans, but it still could not bear huge operating losses.

　　According to media reports, among the 112 stores in Lotte Mart in China, 87 are still ordered to be closed by the Chinese fire authorities. Except for the stores that voluntarily closed down and rectify, only 12 are currently operating normally, but the sales of these 12 stores have also dropped sharply by 75%.

　　Other data show that Lotte Mart's monthly operating losses are as high as 100 billion won, and the cumulative operating deficit in the first half of this year alone has exceeded 83 billion won.

　　It is also worth noting that although there have been many rumors that Lotte Group is going to sell its Lotte Mart supermarket business in China, Lotte Group has denied and urgently clarified, saying that there is no discussion on withdrawing from the Chinese market at present. (Source: NetEase News)

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