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.
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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.
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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.
