Lotte Mart to open first Mongolian branch next year
Lotte signed an exclusive partnership with the Mongolian firm to export over US$3 million worth of its in-house products every year over the next 10 years.
Lotte Mart, the hypermarket chain operated by South Korean retail giant Lotte, said it will launch its first store in Mongolia next year as the company moves to expand its presence in overseas markets. Lotte Shopping Co., the chain's operator, said it plans to sign a franchise deal with local retailer Nomin Holding in November to open the first Mongolian store in the capital city of Ulaanbaatar by the first half of next year. The company has been preparing to tap deeper into the Mongolian market, exporting its private-label products starting in May. Earlier this month, Lotte signed an exclusive partnership with the Mongolian firm to export over US$3 million worth of its in-house products every year over the next 10 years, according to the Korean company. Founded in 1992, Nomin Holding has sprawling businesses in retail, finance, construction and automobile sales with some 5,300 employees.
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