Lotte reshuffles biz portfolio with Busan store sale to Shinsegae

Lotte Shopping, a retail affiliate of Korea's Lotte Group, said Thursday it has agreed to sell a department store in the southeastern port city of Busan to rival Shinsegae Group as part of its business reorganization. The move is part of the company's "select and focus" strategy, aimed at responding swiftly to rapidly changing retail market conditions through asset sales and business restructuring, the company said in a press release. The deal to transfer Lotte Department Store's Centum City outlet in Busan, about 330 kilometers southeast of Seoul, to Shinsegae Centum City will be completed following a review by the Fair Trade Commission (FTC), the company said. "We will increase investment in core department stores nationwide and strengthen our business competitiveness by developing new shopping malls," a company official said. Lotte Shopping currently operates four department stores in Busan, including the Centum City outlet. The outlet will remain in operation until the FTC completes its review. Globally, Lotte Shopping operates 61 department stores, including four in Vietnam and Indon