Shinsegae to acquire Lotte Department Store Centum City branch

Shinsegae Group has agreed to acquire the Centum City branch of Lotte Department Store in Busan as part of a major retail restructuring. The deal, which has been submitted to the Fair Trade Commission for review, aims to consolidate Shinsegae’s presence in the region.

Shinsegae plans to integrate the newly acquired Lotte property with its existing Shinsegae Centum City complex to create a massive commercial hub known as ‘Shinsegae Town.’ This development will combine shopping, culture, tourism, and leisure. Additionally, Shinsegae intends to accelerate the development of the nearby ‘C site’ into a mixed-use complex featuring a luxury hotel, prime offices, and premium residences.

Lotte Shopping is implementing a ‘select and focus’ strategy by selling non-core assets to strengthen its competitiveness in major growth hubs. Following the sale, Lotte will concentrate its resources on core locations such as its Jamsil, Main, and Busan Main branches, while expanding its new shopping mall business.