South Korean retail giant Lotte Group has said that it will invest IDR9trn (US$870m) over the next four years to expand its presence in Indonesia.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Through its subsidiary Lotte Shopping Indonesia – which took over hypermarket chain Makro Indonesia last year – the company plans to build 26 new outlets under the brand Lotte Mart.
Makro stores will also be rebranded Lotte Mart, the company revealed in a statement.
By 2013, Lotte aims to operate 45 Lotte Mart outlets in Indonesia, Lotte Shopping president director Moon Young Pyo reportedly told a media conference yesterday (20 January).
“We expect to be the number one retailer in Indonesia in five years,” The Jakarta Post quoted Moon as saying.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“We target IDR5.7trn of revenue for this year, increasing by 20% up on Makro Indonesia’s revenue last year,” Moon reportedly said.
