Lotte ties up with Southeast Asian retailers
SEOUL, Oct. 21 (Yonhap) -- South Korea's Lotte Department Store said Tuesday it has forged partnerships with major department stores in Southeast Asia to capture foreign shoppers as part of its efforts to seek new growth engines.
Under the agreements signed with Singapore's Robinsons, Hong Kong's Time Square and Thailand's Siam Paragon, Lotte will offer joint services such as discounts and lounge services to key customers, the company said in a press release.
The move comes as the department store is moving to foster new growth engines. Buoyed by a sharp influx of Chinese shoppers, the company recently saw sales generated by Chinese shoppers account for roughly 20 percent of total sales.
"We signed the global partnerships to attract key customers using Southeast Asian department stores. They are a very important group of shoppers in addition to Chinese shoppers," said Lee Wan-sin who heads the department store's marketing strategy.
Lotte said the three countries are key markets that can potentially buoy profit. The number of tourists from Singapore, Hong Kong and Thailand visiting South Korea surged 70 percent, 92 percent and 95 percent each between 2009 and 2013, according to the data by the Korea Culture & Tourism Institute.
Earlier this year, Lotte signed similar agreements with department stores in Europe and the U.S. such as Macy's and Galeries Lafayette.
mil@yna.co.kr
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