S. Korea's Lotte completes 100% CTA Makro takeover

One of the oldest and most well-known names in Beijing's retail sector is about to disappear as Lotte, the South Korean conglomerate, completes its 1.28 billion yuan takeover of CTA Makro.

South Korea's biggest retailer purchased 100 percent of CTA Makro, which operates six supermarkets in Beijing and two in Tianjin, under the Chinese brand name Wankelong.

Lotte intends to rename all of Makro's outlets placing all supermarkets under the Lotte Mart brand name.