Lotte Mart Wins Final Bid for Guri Distribution Complex Market Large Mart

First Bid Confirmed at 4.31 Billion Won

Lotte Mart has been awarded the final bid for the large-scale supermarket brand operated by a major corporation within the Guri Distribution Complex Market.

According to Onbid by the Korea Asset Management Corporation on the 9th, Lotte Mart confirmed the winning bid at 4.31 billion KRW, which is 100.12% of the expected price, during the bid opening on the same day. Previously, Guri City had announced the bidding from the 1st to the 8th of this month through Onbid.

The lease start date for Lotte Mart, which won the final bid, is December 31, 2025. This is because the lease period for Simin Mart (formerly Elm Mart) lasts until then. However, since Guri City is currently conducting a store eviction lawsuit against Simin Mart due to long-term rent arrears, the lease start date may be moved forward.

The site had housed Lotte Mart from 1999 to 2021. According to SK Securities, as of 2018, the Guri branch ranked third in sales among Lotte Mart stores, following the World branch and Seoul Station branch. The contract period expired in January 2021. Guri City conducted a public competitive bidding process for selecting a large-scale store contractor in accordance with the 'Public Property and Goods Management Act,' estimating the annual rent at 4.7 billion KRW. However, from the first to the fourth announcements, there were no bidders, resulting in failed auctions. In the fifth bidding, Elm Mart submitted a sole bid and won the contract with an annual rent of 3.3 billion KRW. Elm Mart occupied the site and later changed its name to Simin Mart.

Simin Mart suffered from continuous financial difficulties. Although rent and management fees were paid normally from April 2021 to May of last year, large-scale arrears occurred afterward due to financial hardship. The amount of arrears by Simin Mart is approximately 4.6 billion KRW, and as a result, Guri City notified the termination of the lease contract in February of this year.