Lotte Department Store Bundang Branch to Close Next March... "Strengthening Core Branches"

Landlord Pursues Office Remodeling
Employees to Be Relocated to Preferred Branches

Lotte Department Store will cease operations at its Bundang branch in March next year.

According to Lotte Department Store on December 19, "The landlord is pursuing an office remodeling to enhance the asset value of the property," and added, "After sufficient prior consultation, we have decided to end operations." The landlord plans to remodel and operate the building as both office and retail space in the future.

Lotte Department Store plans to support employees working at the branch so they can transfer to nearby branches if they wish. Additionally, the company will consider various measures to support the relocation and reemployment of service staff, including redeployment to nearby branches and cooperation with local governments.

Lotte Department Store has announced its commitment to strengthening its core branches through a strategy of "selection and concentration." Currently, major branches such as the Main Store, Jamsil, Incheon, and Nowon are undergoing renovations. In particular, the Main Store and Jamsil branches are being developed into "Lotte Towns," with the aim of establishing themselves as Korea's flagship department stores.

Going forward, Lotte Department Store will continue to strengthen its competitiveness in line with changes in the retail market and actively expand its overseas operations, including projects such as "Lotte Mall Westlake" in Hanoi, Vietnam.