Lotte Outbids Wumart To Land Times

Lotte Shopping, the retail arm of South Korean conglomerate Lotte Group, has acquired Chinese MGR Times as part of an ongoing aim to diversify away from the mature and highly competitive South Korean mass grocery retail (MGR) market. Lotte outbid expansionary Beijing-centric retailer Wumart to secure Times, its second Chinese acquisition, and improve its footprint in a market in which BMI is forecasting MGR sales growth of 45% to 2014, outpacing South Korean MGR sales growth by 11 percentage

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