March 25, 2019

Lotte to spend W3tr to boost e-commerce biz

PUBLISHED : May 15, 2018 - 10:28

UPDATED : May 15, 2018 - 10:28

  • 본문폰트 작게
  • 본문폰트 크게
  • 페이스북
  • 트위터
  • sms

[THE INVESTOR] Korea’s retail giant Lotte said on May 15 it will inject 3 trillion won (US$2.84 billion) into its e-commerce business in the next four years to cope with the rapid expansion of the online market.

As part of its plan, Lotte Shopping said eight online malls that have been separately operated by its affiliates will be integrated into one, with an aim to generate 20 trillion won in sales by 2022.

A new e-commerce department, set to launch in August, will be responsible for the new platform, which will encompass the retailer‘s department store business, discount store chain and duty-free operations, it said.

Lotte Shopping’s online revenue stood at 7 trillion won last year.

The retailer’s move to expand its e-commerce business comes in line with a steep rise of purchases made over the internet in Korea as the use of smartphones has fully caught on with local consumers.

Purchases made using the internet and mobile devices reached a record 8.96 trillion won in March, up 20.1 percent from a year earlier, according to data from Statistics Korea.

By Song Seung-hyun and newswires (

  • 페이스북
  • 트위터
  • sms
Herald Corporation|CEO : Kwon Chung Won
Chief Privacy Officer & Juvenile Protection Manager : Yang Sung-jin
Company Registration No. 104-81-06004
Mail-Order Business Registration 2016 - Seoul Yongsan - 00590
Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea
T : +82-2-727-0114|Business info
Gov’t registration No. 아 04099