Lotte Department Store said on the 19th that it reached an agreement with the Bundang store's landlord to end operations at the Bundang store and will continue operating only until the end of March next year.
The current landlord of the Bundang store is pushing an office remodeling of the building to expand asset value. The two companies decided to end operations through sufficient prior consultations, under a shared understanding that this is a direction for mutual development.
Lotte Department Store plans to prepare for the shutdown while communicating with stakeholders, including employees, partner companies, and customers. Employees working at the store will be allowed, if they wish, to transfer to nearby stores, and contract workers will also be supported with various measures, such as redeployment to nearby stores and reemployment in consultation with local governments.
Lotte Department Store is intensively strengthening its flagship stores. The renewal (remodeling) of key stores such as the main store, Jamsil store, Incheon store, and Nowon store is underway, and in particular, the main store and Jamsil store are being developed as a "Lotte Town" to establish themselves as stores representing Korea.
Lotte Department Store will continue to strengthen its competitiveness in line with changes in the retail market and actively pursue overseas business, including "Lotte Mall West Lake" in Hanoi, Vietnam.