Lotte Shopping Co., South Korea's biggest department store operator, which recently entered China by acquiring Beijing-area cash and carry wholesaler CTA Makro, will open its first Lotte Mart store in Beijing this month. Lotte also announced plans to open 300 hypermarkets in China within the next 10 years, as it competes for market share with Wal-Mart and Carrefour in the world's fastest-growing major economy.
 
Lotte China Vice President, Yang Xiaohong, said the company will also rebrand seven Makro outlets, located in Beijing and neighbouring Tianjin, into Lotte Marts. Lotte Group is also seeking to buy more Chinese retailers.

Last year Lotte agreed to pay about US$188 million for 100% of CTA Makro, which competes with Metro AG in China. Makro's outlets are being converted into hypermarkets that will compete with Wal-Mart and Carrefour, Yang added. The group has also invested US$1 billion to build a commercial complex in the northeastern city of Shenyang that includes a shopping centre, a theme park and hotels.