HCMC – Lotte Mart, an arm of South Korea’s retailer Lotte Group, will open two more supermarkets in Vietnam towards the year’s end, taking the total number of its stores to six in the country.

 


Speaking with the Daily, an executive of Lotte Mart, said the retailer has been licensed to open the two new stores and that they are being constructed in Binh Duong and Binh Thuan provinces.

The Lotte Mart Binh Duong project, which requires an estimated US$30 million, covers more than 21,300 square meters in The Seasons Binh Duong urban area in Thuan An District. The supermarket is set for operation in November this year.

Similarly, the Lotte Mart Phan Thiet project, located in Phu Thuy Ward in Phan Thiet City in the south-central coastal province of Binh Thuan, also needs a total of US$30 million.

With a total floor area of 7,500 square meters, the project is designed with six floors and will be put into operation. It will be up and running in December.

With the two new projects that are under construction at present, the Lotte Mart chain will have six stores nationwide, with two in HCMC’s District 7 and District 11 and one in each of Dong Nai, Danang, Binh Thuan and Binh Duong provinces.

Lotte Mart in October 2012 acquired the entire stake from its Vietnamese partner in the initial venture to become a wholly foreign-invested company. The retailer has set a target of opening 60 supermarkets across the country by 2020.

 

 

http://english.thesaigontimes.vn/Home/business/corporate/29031/