A store of Lotte in Vietnam (Photo: VNA) Hanoi (VNA) – Koreanretail giant Lotte is considering whether to open more stores in majorVietnamese cities, including the capital city of Hanoi and the southern largesteconomic hub of Ho Chi Minh City.
Hotel Lotte Co., a hotel andduty-free operator of Lotte, said the operating profit of its duty-free unit plummetedto a record low in 2017 amid a diplomatic row between the Republic of Korea (RoK)and China over a US missile defence system.
Lotte Duty Free's operatingincome was 2.5 billion won (2.4 million USD) in 2017, with sales reaching 5.45trillion won.
The weak bottom line was widely forecastas the retailer has been suffering from China's apparent retaliation over thedeployment of the Terminal High Altitude Area Defence (THAAD) battery here.
The company said itsprofitability is expected to improve as it moves to stabilise its businesses athome and abroad, adding that it will focus on strengthening the competitivenessof its duty-free stores in Seoul after it recently began the process to end itsconcession deal at Incheon International Airport – a main gateway to the RoK.
The retailer aims to expand itsglobal reaches and diversify its customer portfolio, which had been heavilyreliant on Chinese tourists.
Sales from its overseas outletscame to 140 billion won in 2017, up 45 percent annually.-VNA
Hotel Lotte Co., a hotel andduty-free operator of Lotte, said the operating profit of its duty-free unit plummetedto a record low in 2017 amid a diplomatic row between the Republic of Korea (RoK)and China over a US missile defence system.
Lotte Duty Free's operatingincome was 2.5 billion won (2.4 million USD) in 2017, with sales reaching 5.45trillion won.
The weak bottom line was widely forecastas the retailer has been suffering from China's apparent retaliation over thedeployment of the Terminal High Altitude Area Defence (THAAD) battery here.
The company said itsprofitability is expected to improve as it moves to stabilise its businesses athome and abroad, adding that it will focus on strengthening the competitivenessof its duty-free stores in Seoul after it recently began the process to end itsconcession deal at Incheon International Airport – a main gateway to the RoK.
The retailer aims to expand itsglobal reaches and diversify its customer portfolio, which had been heavilyreliant on Chinese tourists.
Sales from its overseas outletscame to 140 billion won in 2017, up 45 percent annually.-VNA
VNA
