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Biz News Korea(Eng)

Lotte Department Store to add specialty stores

Collected: 2016.07.21

Distributed: 2016.07.22

Source: Go Direct

[el CUBE shop]

Lotte Department Store will add specialty shops selling fashion and home furniture in a bid to develop a new cash cow as its established business faces increasing saturation and high customer acquisition costs.

According to retail industry sources on Wednesday, the retail arm of South Korean conglomerate Lotte Group plans to launch three more stand-alone specialty stores within this year. It has recently launched its first specialty shop for fashion items.

The fashion specialty store branded el CUBE opened in March at Hongdae, one of the most bustling shopping districts in Seoul, and the retailer is planning to open two more el CUBE shops in major shopping districts in Seoul within this year.

Lotte Department Store also is launching a home décor specialty store that will carry various home furnishing goods ranging from furniture to kitchenware. The retailer reportedly will open its first stand-alone home décor store in Sejong city, a new town in central Korea, around November this year.

Market observers say that the retailer wants to take it to a niche that is not saturated and a specialty shop business is one of its responses.

By Sohn Il-seon

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