Lotte Shopping to Liquidate Russian Subsidiary

[Asia Economy Reporter Seungjin Lee] Lotte Shopping has wound down and withdrawn from its business in Russia. Lotte Shopping announced on the 16th that it held a board meeting last month and resolved to liquidate its Russian subsidiary, Lotte Shopping Rus (LOTTE SHOPPING RUS).

Lotte Shopping Rus is the corporation operating the Lotte Department Store Moscow branch. Opened in 2007, the Lotte Department Store Moscow was the first overseas store of Lotte Department Store and the first case of a domestic department store expanding abroad. However, the Moscow branch has suffered from poor sales and significantly downsized its store in 2018.

A Lotte Shopping official stated, “With the contract for the consignment management of retail stores on the 1st floor and basement 1st floor of Lotte Hotel Moscow ending on June 30, there is no longer any business being conducted in Russia, so we decided to liquidate the corporation.”

Meanwhile, Lotte Shopping previously closed its Shenyang store in China in April. Only one Lotte Department Store remains in China, located in Chengdu. Lotte Shopping has also withdrawn or is preparing to withdraw from online shopping businesses in Indonesia and Vietnam. In January, the Vietnamese online shopping mall Lotte.vn ceased operations.

This content was produced with the assistance of AI translation services.