Lotte opened the doors to its first department store in China on 1 August, in the nick of time for the Olympics, reports Planet Retail.
Located in Beijing, the Intime Lotte department store is a 50:50 joint venture between Lotte Shopping Company and China Intime, and measures a total area of 83,600m2, Planet Retail said.
Meanwhile, UK retail giant Tesco has set up an Asian purchase centre in Shanghai, China.
The purchase centre will be responsible for allocating and supplying goods to more than 600 Tesco stores in China, Japan, Thailand, South Korea and Malaysia, fulfilling Tesco’s ambition to integrate its supply chain in Asia, reports Planet Retail.
Tesco explained the centre was located in northwest Shanghai to be near a number of other international retailers' purchasing headquarters situated in this area.
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