South Korea's Lotte Department Store said Thursday it plans to open its second store in Tianjin, China in 2012, as part of its goal to focus on emerging markets, such as China, Russia, and India.
According to the company, its second store in Tianjin will be located in a cultural complex, scheduled to be built in the northeastern city of China.
The No.2 Tianjin outlet, if completed, will mark Lotte's fourth store in China, after the first one in Beijing, the second in Tianjin, and the third in Shenyang, the company said.
While the Beijing outlet has already been launched, stores in Tianjin and Shenyang are awaiting official launches in April next year and 2013.
The company said Lotte Department stores in China will sum up to as many as 20 by 2018.
"Based on our know-hows in South Korea and experience in Beijing, we will speed up launches in other regions of China," Min Kwang-ki, chief of Lotte's China Business sector, said in a statement.
"We plan to open at least two or three stores in major cities, such as Beijing, Tianjin, Shenyang, and Shanghai, and additionally roam into mid- or small-sized cities," said Min.
Lotte Department Store is South Korea's largest department store chain and the 3rd largest discount chain operator.
Lotte Department Store currently operates a total of 31 department stores, including 29 domestic chain stores in South Korea, one in Beijing, and one in Moscow.
