What: The Korean conglomerate double downs on local convenience stores in the country

Why it is important: The convenience store channels take a new meaning in the times of omnichannel operations and ultra-fast delivery when you are a department store company.

Lotte Group, the Korean conglomerate which also operates Lotte department stores and malls and 7-Eleven in the country, has acquired the Korean division of Ministop from its Japanese owners, for an amount of $263m.

Ministop represents 2,600 POS in the country as well as 12 logistic centres, and those stores will add to the 11,750 7-Eleven stores Lotte already owns and operate.

The Japanese mother company, Ministop, will also sell its stake in Robinsons Convenience Stores, the operator of 460 Ministop stores in the Philippines.

Lotte Group acquires Ministop Korea