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March 29, 2024

Lotteria to debut in Mongolia

PUBLISHED : September 25, 2017 - 14:08

UPDATED : September 25, 2017 - 16:24

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[THE INVESTOR] Lotte GRS on Sept 24 announced that it has signed a master franchise contract with Eugenetek Mongolia to open its fast-food chain Lotteria in Mongolia.

Eugenetek is a midsized Korean firm which has some experience in the cinema and restaurant businesses in Asian counties like Mongolia and Malaysia. 

According to the contract, five Lotteria stores are planned to be open in the next five years.

Since it takes more time and effort to enter a foreign country through direct investment, the affiliate of the Korean retail giant decided to enter through a partnership.

“We expect to settle out business and even earn profit faster by cooperating with a local firm,” a company spokesperson told The Investor.

Lotte GSR has in the past expanded its business Myanmar, Cambodia and Laos by signing a master franchise contract with local firms.

The Lotte affiliate, established in 1979, has more than 2,500 stores under seven brands, including Lotteria, worldwide. The firm also recently changed its name from to Lotte GRS, which stands for Global Restaurant Service, to reflect its vision to further expand its presence overseas.

By Song Seung-hyun (ssh@heraldcorp.com)

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