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Emart to close 2 stores, 23 Lotte Mart stores shut down in China

Collected: 2017.03.07

Distributed: 2017.03.09

Source: Go Direct

Emart Inc., South Korea’s big-box store unit of Shinsegae Group, plans to shut down two outlets in Shanghai as a part of its phase-out from China while its peer Lotte Mart may be forced out of the world’s largest consumer market from economic punishment for yielding its land for U.S. antimissile system.

Emart decided not to seek rent renewal for the outlet in the downtown area of Laoximen in Shanghai. It also will close another store in Shanghai within the year, company officials said.

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The discount chain store accelerated its pullout after witnessing the state-led boycott and punitive action on Lotte Group over the deployment of Terminal High Altitude Area Defense (THAAD). The company that once ran 27 outlets would be left with just five after closure of two this year.

Meanwhile, Beijing has toughened clampdown on Lotte. Stores hit with business suspension order surged to 23 by Monday from four in the previous day. One out of four Lotte Mart stores has been closed.

By Sohn Il-seon and Kim Yoo-tae

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