Lotte Group’s retail unit’s profits continue to slump
What: During the third quarter of its fiscal year, Lotte Shopping reported operating profit reached KRW 28.9 billion (USD 24.4 million), down 74% year-on-year.
Why it is important: While local retail competitors, like department store giant Shinsegae, forged alliances and made acquisitions to boost digital capabilities amid the pandemic, Lotte has lagged in the country’s e-commerce race.
Korea’s Economic Recovery Fails to Boost Lotte Shopping Earnings
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