Lotte Mart keen to cooperate with Co.opMart

South Korea’s leading department store operator Lotte Mart has shown interest in cooperating with Saigon Co.op, the operator of Vietnam’s leading retail store chain Co.opMart, to tap the local market.

Byung-Yong Noh, CEO and president of Lotte Mart, talked about the plan at a press briefing held in HCM City last week to announce the opening of its second store in the city, located at the EverRich apartment buildings in District 11. “We know the Co.opMart store chain is a favourite shopping destination for Vietnamese consumers. That is why we want to cooperate with Saigon Co.op. to share experience in doing business,” Noh said. The company will work with Saigon Co.op soon to propose the cooperation.

The Lotte Shopping centre is a $100 million venture between Lotte Shopping and Vietnam’s Minh Van Company. Their first store in HCM City, located in Saigon South new urban area in District 7, costs $75 million.

Lotte plans to pour some $5 billion into 30 department stores in HCM City, Hanoi, Da Nang, Can Tho and Hai Phong. They expect to expand the retail centres in Vietnam to up to 30 by 2018. Meanwhile, Saigon Co.op has 45 Co.opMart supermarkets and plans to increase the number to at least 100 by 2015.

Saigon Times

Tags: Co.opMart, Lotte Mart, Vietnam retail market

Posted by VBN on Jul 16 2010. Filed under Retail. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry