Lotte Group, Korea’s No. 1 retailer and one of the Fortune 500, made a contract with Chongqing Yingli Group on July 1. Lotte Mart, which is owned by Lotte Group, will locate in the international plaza owned by Yingli Group in Chongqing’s Daping District and become the first supermarket of Lotte in southwest China.
Up to now, Lotte Group has set up 87 hypermarkets in mainland China and plans to increase the total number to 600, including 100 supermarkets in southwest China, by the end of 2018.
The major factors attracting Lotte Mart are Chongqing’s favorable location, the good traffic condition and commercial latecomer advantage of Daping.