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South Korea: Lotte acquires GS stores

South Korean retail major Lotte Shopping has acquired compatriot GS Retail’s GS Mart hypermarket and GS Square department store operations.

The deal, valued at KRW1.3 trillion (USD1.15 billion) includes 3 department stores and 14 hypermarkets and will help Lotte Shopping close the gap on market leader Shinsegae, which runs the E-mart chain, and Tesco’s Homeplus in the hypermarket sector.

(Source: Retail Week)